Bitcoin’s price started a major decline amid tensions between Israel and Iran. BTC fell towards $60,500 and is currently attempting a recovery wave.
- Bitcoin is trying to mount a recovery wave from the $60,500 support zone.
- The price is trading below $65,500 and the 100 hourly Simple Moving Average.
- A major ascending channel is forming with resistance at $65,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks the $66,000 resistance zone.
Bitcoin Price Recovery Faces Hurdles
Bitcoin price started a major decline below the $70,000 level. BTC gained bearish momentum amid rising tensions between Israel and Iran. There was a sharp decline below the USD 66,000 and USD 65,000 levels.
The price fell by more than 10% and even tested the USD 60,500 support. A low was formed near USD 60,495 and the price is now trying to make a recovery wave. It climbed above the USD 62,500 and USD 63,000 levels. There was a move above the 23.6% Fib retracement level of the downward move from the $71,200 swing high to the $60,495 low.
Bitcoin is now trading below $67,000 and the 100 hourly Simple Moving Average. The immediate resistance is near the $65,800 level. A major ascending channel is also forming with resistance at $65,850 on the hourly chart of the BTC/USD pair. It is close to the 50% Fib retracement level of the downward move from the $71,200 swing high to the $60,495 low.
Source: BTCUSD on TradingView.com
The first major resistance could be at $66,000. The next resistance now lies at $68,000 and the 100 hourly Simple Moving Average. If there is a clear move above the USD 68,000 resistance zone, the price may continue to rise. In the mentioned case, the price could increase to $70,000. The next major resistance is near the $71,200 zone. Any further gains could send Bitcoin towards the $72,500 resistance zone in the short term.
Another drop in BTC?
If Bitcoin fails to rise above the USD 66,850 resistance zone, it could trigger another decline. The immediate downside support is near the USD 64,500 level.
The first major support is $63,000. If there is a close below $63,000, the price may start falling towards the $62,000 level. Any further losses could send the price towards the $60,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 64,500, followed by USD 63,000.
Major resistance levels – $65,850, $66,000 and $68,000.
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