Bitcoin price failed to recover above the $68,000 resistance zone. BTC is slipping and may fall back towards the $62,000 support area.
- Bitcoin price started a significant rise but struggled near $68,000.
- The price is trading below $66,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term bearish channel or bullish flag forming, with resistance at $66,200.
- The pair needs to pass the $66,200 resistance area to start a new advance.
Bitcoin Price Faces Hurdles
Bitcoin price attempted a significant recovery above the $65,000 resistance zone. BTC has surpassed the $66,000 and $67,000 levels. However, bears remained active near the $68,000 level.
The high was reached at $68,137 and the price is currently falling. A break occurred below the $66,000 support level. Prices fell below the 23.6% Fib retracement level of the recovery wave from the $60,778 swing low to the $68,137 high.
Bitcoin is currently trading below $66,000 and the 100-hour simple moving average. Bulls are now trying to protect the 50% Fib retracement level of the recovery wave from the $60,778 swing low to the $64,500 high of $68,137.
Immediate resistance is near the $66,000 level. Additionally, a short-term bearish channel or bullish flag has formed on the hourly chart of the BTC/USD pair with resistance at $66,200. The first major resistance could be at $67,000.
Source: TradingView.com BTCUSD
If there is a clear move above the $67,000 resistance zone, the price may continue to strengthen. If indicated, the price may clear the $68,000 resistance area in the near term. The next major resistance level is $70,000.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $66,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $64,500 level.
The first major support is $63,500. The next grant is $62,000. If it closes below $62,000, the price may start to fall towards the $61,200 level. More losses could push the price towards the $60,500 support area in the near term.
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 below the 60 level.
Key support levels – $64,500, then $63,500.
Key resistance levels – $66,000, $67,000 and $68,000.
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