Bitcoin price started a recovery wave from the $67,000 zone. BTC is now struggling to break the USD 68,800 and USD 69,500 resistance levels.
- Bitcoin held steady above the $67,000 zone and rebounded higher.
- The price is trading above $68,000 and the 100 hourly Simple Moving Average.
- There was a break above a key bearish trendline 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 above the $68,800 level.
Bitcoin price faces resistance
Bitcoin price extended its downward correction below the USD 68,000 level. BTC tested the $67,000 zone and recently started a recovery wave. The price traded as low as $67,099 before climbing back above $68,000.
There was a break above a key bearish trendline with resistance at $67,800 on the hourly chart of the BTC/USD pair. The pair climbed above the $68,500 and $69,000 levels. However, it faced resistance around the $69,500 level. It reached a high of $69,548 before the top faded.
There was a decline below the $69,000 level. The price fell below the 50% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high.
However, the bulls were active around $68,000 and the 61.8% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high. Bitcoin is now trading above $68,000 and the 100 hourly Simple Moving Average.
On the upside, the price is facing resistance around the $68,500 level. The first major resistance could be at $68,850. The next major resistance could be at USD 69,500. A clear move above the USD 69,500 resistance could push the price higher. In the mentioned case, the price could rise and test the USD 70,600 resistance. Even more gains could send BTC towards the USD 72,600 resistance.
Lose more in BTC?
If Bitcoin fails to climb above the $68,800 resistance zone, it could continue to decline. The immediate downside support is near the $68,000 level.
The first major support is at $67,400. The next support is now near $67,000. Any further losses could send the price towards the $66,250 support zone in the near term.
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 above the 50 level.
Major support levels – USD 68,000, followed by USD 67,000.
Major resistance levels – $68,800 and $69,500.