Bitcoin price is still struggling to get above the USD 68,000 resistance. BTC is now consolidating and could drop again towards the USD 63,500 support.
- Bitcoin price is struggling to reach the USD 68,000 and USD 68,500 levels.
- The price is trading above USD 66,000 and the 100 hourly Simple Moving Average.
- A major ascending channel is forming with resistance near $68,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new decline and trade towards the $63,500 support zone.
Bitcoin price faces hurdles
Bitcoin price recovered most of the losses and rose above the $65,000 level. However, BTC seems to be struggling to reach the $68,000 and $68,500 levels, unlike Ethereum.
The recent high was reached at $68,034 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward wave from the $59,150 swing low to the $68,034 high. A major ascending channel is also forming with resistance near $68,200 on the hourly chart of the BTC/USD pair.
Bitcoin is still trading above $66,000 and the 100 hourly Simple Moving Average. The immediate resistance is near the $67,500 level. The next major resistance could be at $68,000, above which the price could rise towards the $68,500 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the USD 68,500 resistance zone, the price might even try to make a move above the USD 69,200 resistance zone. Any further gains could send the price towards the $70,000 level.
Another drop in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could trigger another downside correction. The immediate downside support is near the $66,550 level and the channel trendline.
The first major support is $66,000. If there is a close below $66,000, the price could stage a significant pullback towards the 50% Fib retracement level of the upwave from the $59,150 swing low to the $68,034 high at $63,500. Any further losses could send the price towards the $62,500 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.
Major support levels – USD 66,550, followed by USD 66,000.
Major resistance levels – $67,500, $68,000 and $68,500.
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