 ▲ Bitcoin (BTC) |
Bitcoin (BTC) has secured support near the $66,500 level and is taking a breather in an attempt to reclaim the $70,000 mark.
According to a February 26 report by NewsBTC, Bitcoin established a base above the $66,500 zone before rebounding and breaking past the $68,000 resistance level. The price briefly surpassed the $68,800 resistance and reached $70,000, but selling pressure emerged at that level, retracing part of the gains. Following the recent correction, the price has fallen below the 38.2% Fibonacci retracement level of the upward move from the $62,500 low to the $70,000 high.
Bitcoin is currently trading above the $67,000 level and the 100-hour simple moving average. If the price maintains a stable trend above $67,000, a new upward attempt appears possible. The immediate resistance stands near $68,000, where a new bearish trend line is forming around that level on the hourly chart.
The first key hurdle for resuming the rally is securing a close above the $68,250 resistance. If Bitcoin closes above $68,250, it may test the $69,500 resistance and attempt to reclaim the $70,000 level. Should bullish momentum push the price beyond $70,000, the next targets are projected at $70,500 and $71,200.
On the other hand, failure to break through the $68,000 resistance could trigger further downside. Immediate support lies near $67,000, while the first major support is at $66,250, corresponding to the 50% Fibonacci retracement level between the $62,500 low and the $70,000 high. If the $65,500 level breaks, the price could decline toward the $65,000 support in the short term.
Technical indicators show that the Moving Average Convergence Divergence (MACD) is gradually losing bullish momentum while remaining in positive territory. The Relative Strength Index (RSI) is staying above 50, suggesting that buyers still hold an advantage. However, a drop below the key $63,500 support level could make short-term recovery more challenging.
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