Is $70k the next target for Bitcoin after setting a new high at $68k?
Bitcoin has reached a new all-time high above $68k and could rally higher over the coming hours if the market maintains the current momentum.
The cryptocurrency market has been performing excellently over the past few hours, with Bitcoin and Ether all reaching new all-time highs. Bitcoin reached a new all-time high of $68,641 per coin, according to the data obtained from Coingecko.
The leading cryptocurrency surpassed the previous all-time high of $67,257 after rising by more than 3% over the past 24 hours. At the time of writing, BTC is trading at $68,150, down by 0.7% from the all-time high price it attained a few hours ago.
Key levels to watch
The BTC/USD 4-hour chart is very bullish at the moment, thanks to the cryptocurrency’s performance over the past few hours. Bitcoin’s MACD line is above the bullish territory, and its relative strength index of 73 shows that the coin is overbought at the moment, indicating further gains ahead.
Bitcoin is up by nearly 10% from its 100-day simple moving average at $62,681. Hence, ensuring that the cryptocurrency has established strong support just above the $60k level. This could allow it to make a move higher over the next few hours.
What to expect
BTC could rally higher in the coming hours as the bulls seem to be in control since the start of the fourth quarter. After surpassing the $68k mark, BTC could make a move for the first resistance level at $69,100 over the next few hours.
In the event of an extended rally, BTC could top the $70k for the first time in its history later today. BTC will need the support of the broader cryptocurrency market if it aims to reach $72k in a few hours.
However, Bitcoin’s price might still retrace after rallying for the past few days. In this scenario, the bulls would be forced to defend the support level at $67,500. Unless there is an extended sell-off in the market, BTC should comfortably defend the $66,900 support level in the short term.