Bitcoin price struggled to recover above the $68,800 resistance level. BTC is now trending lower and is at risk of further declines below the $65,000 support.
- Bitcoin price is struggling to start a new rally above $68,000.
- The price is trading below $68,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trend line tying with resistance at $67,800.
- In the near term, a break above the $68,000 resistance area could provide bullish momentum.
Bitcoin price faces resistance
Bitcoin price attempted a new rally above the $65,500 area. BTC surpassed the $67,200 and $68,000 levels. However, the bears were active near $69,000.
The highest price was reached at $68,898 and the price is currently falling. There was a move below the $67,500 support level. Prices fell below the 50% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.
Bitcoin is currently trading below $68,000 and the 100-hour simple moving average. The $64,555 swing low to the $68,898 high is testing the 76.4% Fib retracement level of the recovery wave.
On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $67,800. Immediate resistance is near the $66,750 level. The next major resistance level could be $67,800 or the trend line, above which the price could rise towards the $68,800 resistance zone.
Source: TradingView.com BTCUSD
In case of a clear break above the $68,800 resistance zone, the price may try to move above the $70,000 resistance zone. More profits could push the price higher to the $71,200 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $67,800 resistance zone, another decline could begin. Immediate support for the downside is near the $65,550 level.
The first major grant is $65,000. Main support is $64,500. If it closes below $64,500, the price may start to fall towards the $63,500 level. Any more losses could lead the price towards the $62,000 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 below the 50 level.
Key support levels – $65,500, then $65,000.
Key resistance levels – $67,800, $68,800 and $70,000.
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