Bitcoin price began a strong recovery in the $60,800 region. BTC is up nearly 10% and currently faces a hurdle near $68,800 resistance.
- Bitcoin price began a significant rise above the $60,800 support zone.
- The price is trading above $64,500 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 trendline with resistance at $65,000.
- To start a new uptrend, the pair needs to clear the $68,800 resistance area.
Bitcoin price recovers 10%
Bitcoin price extended its decline below the $62,500 level. BTC surged below the $61,200 level before an uptrend emerged near $60,800. A low was made around $60,778 and the price is currently rising.
There was a significant rise above the $63,000 and $64,000 resistance levels. The price also cleared the 50% Fib retracement level moving down from the $68,898 swing high to the $60,778 low. On the hourly chart of the BTC/USD pair, a breakout occurred above the main bearish trendline with resistance at $65,000.
Bitcoin is currently trading above $64,500 and the 100-hour simple moving average. It is also above the 76.4% Fib retracement level of the downward move from the $68,898 swing high to the $60,778 low.
Source: TradingView.com BTCUSD
Immediate resistance is near the $68,000 level. The first major resistance could be at $68,800. If there is a clear move above the $68,800 resistance zone, the price may continue to strengthen. If indicated, the price may clear the $70,000 resistance area in the near term. The next major resistance level is $72,500.
Another drop in BTC?
If Bitcoin fails to rise above the $68,800 resistance zone, another decline could begin. Immediate support for the downside is near the $66,800 level.
The first major support is $65,500. The next support level is $64,800. If it closes below $64,800, the price could start to fall towards the $63,000 level. More losses could lead the price towards the $62,500 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 60 level.
Key support levels – $65,500, $64,800.
Key resistance levels – $68,000, $68,800 and $70,000.
Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.