Bitcoin price is still struggling to break the USD 70,000 resistance. BTC is slowly moving lower and could soon drop towards the $67,000 support.
- Bitcoin price is struggling to reach the USD 69,500 and USD 70,000 levels.
- The price is trading above $68,000 and the 100 hourly Simple Moving Average.
- A major bullish trendline is forming with support at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline and trade towards the $67,000 support zone.
Bitcoin Price Begins Consolidation
Bitcoin price made another attempt to gain strength above the USD 69,000 level. BTC crossed the USD 69,500 level, but the bears were active near the USD 70,000 resistance zone.
A high was reached at $69,981 and the price started a downward correction. There was a move below the USD 69,500 and USD 69,200 levels. The price fell below the 23.6% Fib retracement level of the upwave from the $65,200 swing low to the $69,981 high.
Bitcoin is now trading above $68,000 and the 100 hourly Simple Moving Average. A major bullish trendline is also forming with support at $68,000 on the hourly chart of the BTC/USD pair. The trendline is close to the 50% Fib retracement level of the upward wave from the $65,200 swing low to the $69,981 high.
Immediate resistance is near the $68,850 level. The next major resistance could be at USD 69,200, above which the price could rise towards the USD 69,500 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the USD 69,500 resistance zone, the price might even try to move above the USD 70,000 resistance zone. Any further gains could send the price towards the $72,000 level.
Lose more in BTC?
If Bitcoin fails to rise above the USD 68,850 resistance zone, it could trigger another decline. The immediate downside support is near the $68,000 level and the trendline.
The first major support is $67,000. If there is a close below $67,000, the price could start a significant pullback towards the $65,500 level. Any further losses could send the price towards the $64,400 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 below the 50 level.
Major support levels – USD 68,000, followed by USD 67,000.
Major resistance levels – $68,850, $69,200 and $69,500.
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.