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Bitcoin Rallies To New ATH, Why BTC Could Surge Further

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Bitcoin price started a fresh rally above $67,000 against the US Dollar. BTC could accelerate higher and it might even test the $70,000 level.

Bitcoin started a fresh increase above the $65,500 and $67,500 resistance levels.

The price is now trading above $67,000 and the 100 hourly simple moving average.

There is a major bullish trend line forming with support near $65,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could accelerate further higher towards the $70,000 and $72,000 levels.

Bitcoin price remained stable above the $65,000 support zone. BTC extended its rally above the $65,500 and $66,000 resistance levels. The price even surged above the $67,000 level.
Finally, the price pumped above the $68,000 and traded to a new all-time high at $68,495. It is now trading above $67,000 and the 100 hourly simple moving average. It is also consolidating gains above the $68,000 level.
An initial support is near the $68,000 level. Bitcoin is also trading well above the 23.6% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high. Besides, there is a major bullish trend line forming with support near $65,200 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $68,500 level. The first major resistance is near the $69,000 level. A clear break above $69,000 resistance may possibly call open the doors for a move towards the USD $70,000 level.

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