Bitcoin price began a recovery in the $67,000 range. BTC is currently struggling to clear the $68,800 and $69,500 resistance levels.
- Bitcoin held steady above $67,000 and recovered higher.
- The price is trading above $68,000 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 trendline with resistance at $67,800.
- A stabilization above the $68,800 level could provide bullish momentum.
Bitcoin price faces resistance
Bitcoin price extended its downward correction below the $68,000 level. BTC tested the $67,000 area and recently began a recovery. The price traded as low as $67,099 before rising back above $68,000.
On the hourly chart of the BTC/USD pair, a major bearish trend line has been broken above the resistance level of $67,800. The pair crossed the $68,500 and $69,000 levels. However, it faced resistance near $69,500. A high was reached at $69,548 before the uptrend died out.
It fell below the $69,000 level. The price fell below the 50% Fib retracement level, rising from the $67,099 swing low to the $69,548 high.
However, the uptrend was active near $68,000, with the 61.8% Fib retracement level rising from the $67,099 swing low to the $69,548 high. Bitcoin is currently trading above $68,000 and the 100-hour simple moving average.
On the other hand, the price is finding resistance near $68,500. The first major resistance could be at $68,850. The next major resistance could be $69,500. A clear break above the $69,500 resistance could push the price higher. If indicated, the price could move higher to test the $70,600 resistance. Any more gains could push BTC towards the $72,600 resistance.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $68,800 resistance zone, it may continue to fall. Immediate support for the downside is near the $68,000 level.
The first major support is $67,400. The next support is currently forming around $67,000. More losses may lead the price towards the $66,250 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 above the 50 level.
Key support levels – $68,000, then $67,000.
Key resistance levels – $68,800 and $69,500.