Bitcoin price struggled to recover above the USD 68,800 resistance. BTC is now moving lower and there is a risk of more downside below the $65,000 support.
- Bitcoin price is struggling to start a new increase above the $68,000 zone.
- The price is trading below $68,000 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance at $67,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it breaks the $68,000 resistance zone in the near term.
Bitcoin price faces resistance
Bitcoin price tried to rise above the $65,500 zone again. BTC climbed above the USD 67,200 and USD 68,000 levels. However, the bears were active near the $69,000 zone.
It peaked at $68,898 and the price is now moving lower. There was a move below the $67,500 support zone. The price fell below the 50% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.
Bitcoin is now trading below $68,000 and the 100 hourly Simple Moving Average. It tests the 76.4% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.
A connecting bearish trendline is also forming with resistance at $67,800 on the hourly chart of the BTC/USD pair. The immediate resistance is near the $66,750 level. The next major resistance could be $67,800 or the trendline, above which the price could rise towards the $68,800 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the USD 68,800 resistance zone, the price might even try to make a move above the USD 70,000 resistance zone. Any further gains could send the price towards the USD 71,200 level.
Lose more in BTC?
If Bitcoin fails to rise above the USD 67,800 resistance zone, it could trigger another decline. The immediate downside support is near the USD 65,550 level.
The first major support is $65,000. The main support is at $64,500. If there is a close below $64,500, the price may start falling towards the $63,500 level. Any further losses could send the price towards the $62,000 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 65,500, followed by USD 65,000.
Major resistance levels – $67,800, $68,800 and $70,000.
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