Bitcoin price remained above the $68,500 support zone. BTC is currently consolidating and could target a fresh increase above the $70,150 resistance.
- Bitcoin found support near $68,500 and began a significant recovery.
- The price is trading below $70,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline with support at $69,500.
- If there is no movement above the $70,150 resistance, the pair may fall again.
Bitcoin price faces resistance
Bitcoin price extended its decline below the $70,000 support level. BTC also fell below the $69,500 level before an uptrend emerged near $68,500. The lowest point was reached at $68,409 and the price is currently recovering.
There was a move above the $69,250 resistance zone. The price broke above the 23.6% Fib retracement level moving down from the $71,900 swing high to the $68,409 low.
Bitcoin is currently trading below $70,000 and the 100-hour simple moving average. However, there is a major bullish trendline with support at $69,500 on the hourly chart of the BTC/USD pair. Meanwhile, the price is finding resistance near $70,000.
The first major resistance could be $70,150 and the 50% Fib retracement level of a downward move from the $71,900 swing high to the $68,409 low. The next major resistance could be $70,550. A clear break above the $70,550 resistance could push the price higher. If stated, the price could move higher to test the $71,200 resistance. Any more gains could push BTC towards $72,000 resistance.
Another drop in BTC?
If Bitcoin fails to rise above the $70,150 resistance zone, another decline could begin. Immediate support for the downside is near the $69,500 level and trend line.
The first major support is $69,150. The next support is currently forming near $68,500. More losses could lead the price towards the $67,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $69,500, then $68,500.
Key resistance levels – $70,150 and $70,500.