Bitcoin price struggled to recover above the USD 68,000 resistance zone. BTC is heading lower again and could even fall below the $66,000 support zone.
- Bitcoin started declining again from the USD 68,200 resistance zone.
- The price is trading below $68,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $67,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover, but upside could be limited above the $68,000 level.
Bitcoin price turns red again
Bitcoin price struggled to climb above the USD 68,500 resistance zone. BTC remained in a bearish zone and extended losses below the USD 67,200 level. There was a move below the $67,000 level.
The price tested the $66,250 zone. A low was formed at $66,244 and the price is now consolidating losses below the 23.6% Fib retracement level of the downwave from the $69,970 swing high to the $66,244 low. Bitcoin is now trading below $68,000 and the 100 hourly Simple Moving Average.
It seems like the price is forming a short-term base above the $66,250 zone, but there are many hurdles for the bulls. On the upside, the price is facing resistance around the $67,150 level. A connecting bearish trendline is also forming with resistance at $67,150 on the hourly chart of the BTC/USD pair.
The first major resistance could be at $68,000 and the 50% Fib retracement level of the downside wave from the $69,970 swing high to the $66,244 low. The next major resistance could be at USD 68,500. A clear move above the USD 68,500 resistance could push the price higher.
In the mentioned case, the price could rise and test the USD 69,200 resistance. Any further gains could send BTC towards the USD 70,000 resistance in the short term.
Lose more in BTC?
If Bitcoin fails to climb above the USD 67,150 resistance zone, it could trigger another decline. The immediate downside support is near the $66,250 level.
The first major support is $66,000. The next support is now near $65,000. Any further losses could send the price towards the $63,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 67,000, followed by USD 66,000.
Major resistance levels – $68,550 and $69,200.