Bitcoin Crosses Resistance

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Bitcoin Crosses Resistance

Bitcoin (Btc) Crosses $67,000 Resistance

Bitcoin (BTC) has maintained a bullish overtone and appears to be extending its rally on Tuesday. Bitcoin (BTC) has already crossed the $67,000 resistance and is now eyeing the $68K handle.

On Monday, Bitcoin (BTC) staged a 5% rally on news that $555 million worth of inflows were recorded for the US BTC ETFs.

Bitcoin (Btc) Finds Support At 200 Dma

Also, a report showed that the optimism for Bitcoin (BTC) has improved. All of this hints at the possibility that more upside is ahead for Bitcoin (BTC).

Technical analysis of Bitcoin (BTC) shows that support is found near the 200 EMA on the D1 chart. The EMA is located at $60,217 and continues to remain in effect.

From this support level, Bitcoin (BTC) gained almost 9.7% and reached a high of $66K. On Tuesday, the gains were extended as Bitcoin (BTC) hovered near $67K.

If Bitcoin (BTC) manages to cross $67,500, the next levels to watch will be $68K, $69K, and finally $70K. Out of all these resistance levels, the $70K is the most tough one.

Even the MACD (Moving Average Convergence Divergence) confirms the bullish price action of Bitcoin (BTC). On the D1 chart, the MACD shows that bulls are in control of the Bitcoin (BTC) price action.

Also, the histogram of the MACD shows green bars above the zero line. That's yet another sign that Bitcoin (BTC) has turned bullish.

And if we look at the RSI chart on the Bitcoin (BTC) D1 chart, it shows that we are still far away from the overbought territory. Right now, the RSI shows a reading of 67, while the overbought territory starts from 70.

So, if the RSI on the Bitcoin (BTC) D1 chart crosses the 70 on the candle close, it will be wise to avoid any long positions for the short term.

The positive sentiment from the Bitcoin (BTC) has also allowed other coins such as ETH to stage bullish rallies as well.

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