Bitcoin price is struggling to break above the $68,000 resistance level. BTC is currently consolidating and may fall towards the $63,400 support area.
- Bitcoin price is struggling to make more gains than new all-time highs.
- The price is trading above $65,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term bearish trendline forming with resistance near $67,000.
- The pair could extend losses and revisit the $63,400 support zone.
Bitcoin Price Faces Hurdles
Bitcoin price began a sharp decline from its all-time high of $69,218. BTC crashed to $59,150 before cutting losses. It rose back above $65,000, but bears are now protecting more upside than the $67,500 level.
The highest price was reached at $67,635 and prices are currently consolidating. It is trading above the 23.6% Fib retracement level, rising from the $59,150 swing low to the $67,635 high.
Bitcoin is still trading above $65,000 and the 100-hour simple moving average. Immediate resistance is near the $67,000 level. On the hourly chart of the BTC/USD pair, there is also a short-term bearish trendline forming with resistance near $67,000.
Source: TradingView.com BTCUSD
The next major resistance could be $68,000, above which the price may rise towards the $69,200 resistance area. A clear move above the $69,200 resistance zone could push the price towards the $70,000 level. More profits could push the price higher to the $72,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $67,000 resistance zone, another downward correction could begin. Immediate support for the downside is near the $66,650 level.
The first major grant is $65,000. A close below $65,000 could initiate a significant pullback towards the 50% Fib retracement level, with the price rising from the $59,150 swing low to the $67,635 swing high to $63,400. Any more losses could lead the price towards the $62,500 support area.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now close to the 50 level.
Key support levels – $65,000, $63,400.
Key resistance levels – $67,000, $68,000 and $69,200.
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