Bitcoin price is still struggling to break above the $68,000 resistance level. BTC is currently consolidating and may fall back towards the $63,500 support.
- Bitcoin price is struggling to break the $68,000 and $68,500 levels.
- The price is trading above $66,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major rising channel forming with resistance near $68,200.
- The pair could begin another decline and trade towards the $63,500 support zone.
Bitcoin Price Faces Hurdles
Bitcoin price recovered most of its losses and stabilized above the $65,000 level. However, unlike Ethereum, BTC appears to be having difficulty clearing the $68,000 and $68,500 levels.
A recent high was formed at $68,034 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the bullish wave from the $59,150 swing low to the $68,034 high. The hourly chart of the BTC/USD pair also has a major upward channel with resistance forming near $68,200.
Bitcoin is still trading above $66,000 and the 100-hour simple moving average. Immediate resistance is near the $67,500 level. The next major resistance could be $68,000, above which the price may rise towards the $68,500 resistance zone.
Source: TradingView.com BTCUSD
In case of a clear break above the $68,500 resistance zone, the price may try to move above the $69,200 resistance zone. If more profits are made, the price could rise to the $70,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, another downward correction could begin. Immediate support for the downside is near the $66,550 level and the channel trendline.
The first major support is $66,000. If the close is below $66,000, the price could begin a significant decline towards the 50% Fib retracement level of the bullish wave from the $59,150 swing low to the $68,034 high at $63,500. 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 – $66,550, then $66,000.
Key resistance levels – $67,500, $68,000 and $68,500.
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