Bitcoin price extended losses and fell below the $67,200 level. BTC found support near $66,650 and is currently consolidating within the range.
- Bitcoin has surged below $67,000, but the bulls are still active.
- The price is trading above $68,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a major upward channel forming with resistance at $68,200.
- A stabilization above the $68,400 level could provide bullish momentum.
Bitcoin price stagnates below $70,000
Bitcoin price continued its downward trend below the $67,500 level. BTC tested the $66,650 area and recently began a recovery. The price traded as low as $66,652 before rising above $67,500.
The bulls were able to push the price back above $68,000. It surged above the 50% Fib retracement level, moving down from the $69,550 swing high to the $66,652 low. Bitcoin price is currently trading above $68,000 and the 100-hour simple moving average.
On the other hand, the price is finding resistance near $68,200. On the hourly chart of the BTC/USD pair, there is also a major upward channel with resistance forming at $68,200.
The first major resistance could be the 61.8% Fib retracement level at $68,400 or a downside move from the $69,550 swing high to the $66,652 low. The next major resistance could be at $68,800. A clear break above the $68,800 resistance could push the price higher.
If indicated, the price could move higher to test the $69,500 resistance. Any more gains could push BTC towards the $70,600 resistance.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $68,400 resistance zone, another decline could begin. Immediate support for the downside is near the $67,500 level.
The first major support is at $67,200. The next support is currently forming near $67,000. More losses could lead the price towards the $66,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $67,500, then $67,000.
Key resistance levels – $68,400 and $68,800.