Bitcoin price extended losses and fell below the USD 67,200 level. BTC found support near USD 66,650 and is now consolidating within a range.
- Bitcoin peaked below $67,000, but the bulls are still in action.
- The price is trading above $68,000 and the 100 hourly Simple Moving Average.
- A major ascending channel is forming with resistance at $68,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks above the $68,400 level.
Bitcoin price remains stuck below $70,000
Bitcoin price extended its decline below the USD 67,500 level. BTC tested the $66,650 zone and recently started a recovery wave. The price traded as low as $66,652 before climbing back above $67,500.
The bulls managed to push the price back above $68,000. It even spiked above the 50% Fib retracement level of the downward move from the $69,550 swing high to the $66,652 low. Bitcoin price is now trading above $68,000 and the 100 hourly Simple Moving Average.
On the upside, the price is facing resistance around the $68,200 level. A major ascending channel is also forming with resistance at $68,200 on the hourly chart of the BTC/USD pair.
The first major resistance could be $68,400, or the 61.8% Fib retracement level of the downward move from the $69,550 swing high to the $66,652 low. The next major resistance could be at USD 68,800. A clear move above the USD 68,800 resistance could push the price higher.
In the mentioned case, the price could rise and test the USD 69,500 resistance. Even more gains could send BTC towards the USD 70,600 resistance.
Lose more in BTC?
If Bitcoin fails to climb above the USD 68,400 resistance zone, it could trigger another decline. The immediate downside support is near the $67,500 level.
The first major support is at $67,200. The next support is now near $67,000. Any further losses could send the price towards the $66,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 67,500, followed by USD 67,000.
Major resistance levels – $68,400 and $68,800.