Key Highlights
- Bitcoin price extended its rally above $65,000 and $68,000.
- BTC cleared a rising channel with resistance at $65,750 on the 4-hour chart.
- Ethereum also rallied above the $3,450 and $3,500 resistance levels.
- Gold prices are accelerating higher toward the $2,120 resistance.
Bitcoin Price Technical Analysis
Bitcoin price remained in a strong uptrend above the $58,000 level. BTC extended its rally above the $65,000 and $68,000 resistance levels.
Looking at the 4-hour chart, the price settled above the $63,500 pivot level, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours).
BTC cleared a rising channel with resistance at $65,750 on the same chart. The bulls were able to pump the price above the $68,000 level. A new multi-month high was formed at $68,823 and the price is now consolidating gains.
The first major support is near the $67,000 level. It is close to the 23.6% Fib retracement level of the upward move from the $61,369 swing low to the $68,823 high. The next major support is $66,000. Any more losses might send the price toward the $65,000 support zone.
Immediate resistance is near the $68,750 level. The next resistance is near $69,500 or the last all-time high. A successful close above the $69,500 level might start another steady increase. In the stated case, the price may perhaps rise toward the $72,000 level.
Economic Releases
- Euro Zone Services PMI for Feb 2024 – Forecast 50.0, versus 50.0 previous.
- UK Services PMI for Feb 2024 – Forecast 54.3, versus 54.3 previous.
- US Services PMI for Feb 2024 – Forecast 51.3, versus 51.3 previous.
- US ISM Services Index for Feb 2024 – Forecast 53.0, versus 53.4 previous.
