Bitcoin price is attempting to recover above the $66,500 resistance level. For BTC to continue rising in the near term, the $70,000 resistance needs to be cleared.
- Bitcoin faces many obstacles near the $69,500 and $70,000 levels.
- The price is trading above $67,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trend line with resistance at $66,350.
- If it stays above the $67,000 support zone, it could start a further rise.
Bitcoin price recovery
Bitcoin price found support near $64,500 and began a recovery. BTC could move above the $66,500 and $67,000 resistance levels and into near-term positive territory.
On the hourly chart of the BTC/USD pair, a breakout occurred above the main bearish trend line with resistance at $66,350. The pair has surged above the $69,000 area. A high was formed at $69,354 and the price is now consolidating gains.
It traded 23.6% below the Fib retracement level, rising from the $64,572 swing low to the $69,352 high. Bitcoin is currently trading above $67,000 and the 100-hour simple moving average.
Immediate resistance is near the $68,250 level. The first major resistance could be at $69,350. The main resistance level is currently at $70,000. If there is a clear move above the $70,000 resistance zone, the price could start a fresh rise. If specified, the price could go as high as $71,200.
Source: TradingView.com BTCUSD
The next major resistance is near $72,000. If more gains occur, Bitcoin may head towards the $73,500 resistance zone in the near term.
Another drop in BTC?
If Bitcoin fails to rise above the $69,350 resistance zone, another decline could begin. Immediate support for the downside is near the $67,200 level.
The first major support is $67,000 or the 50% Fib retracement level rising from the $64,572 swing low to the $69,352 high. The next support level is $66,400. If it closes below $66,400, the price may start to fall towards the $65,500 level. More losses could lead the price towards the $64,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now decreasing towards the 50 level.
Key support levels – $67,200, then $67,000.
Key resistance levels – $69,350, $70,000 and $71,200.
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