Bitcoin’s price began a wave of recovery from $67,000. BTC struggles to break through the resistance levels of $68,800 and $69.500.
- Bitcoin has recovered above the $67,000 level and is now stable.
- Above the 100-hour Simple moving average, and above $68,000 is the price.
- The hourly chart shows a breaking above a bearish trendline that has resistance at $68,800. (Data feed from Kraken).
- It is possible that the pair will gain bullish momentum once it settles over $68,800.
Bitcoin price faces resistance
Bitcoin’s price continued its downward correction under the $68,000 mark. BTC has recently begun to test the $67,000 level. recovery wave. Price traded down to $67,099 and then climbed above $68,000.
The BTC/USD hourly chart showed a breakthrough above a bearish key trend line that had resistance at $68,800. The pair has risen above levels of $68,500 and $69,900. The pair faced resistance at the level of $69,500. The highest point was reached at $69 548. upside faded.
A drop was seen below $69,000. Price fell below 50% of Fib’s retracement from $67,099 swing-low to $69,548 peak.
The bulls, however, were more active around $68,000, and the Fib level 61.8% retracement of the move upward from the swing low $67,099 to the high $69,548. Bitcoin now trades above $68,000, and is trading over the Simple Moving average 100 hours.
The price will face resistance on the upside near $68,500. First major resistance may be at $68,850. First major resistance could be $68,850. next Key resistance may be at $69,500. Price could move higher if the resistance of $69500 is clearly surpassed. Price could test $70.600 and rise in this case. BTC may continue to rise and test the resistance of $72,600.
BTC Losses Increased?
Bitcoin could fall further if it fails to break through the resistance level of $68,800. Near the $68,000 support level, there is immediate support for the downside.
The initial major contribution is $67.400. The first major support is $67,400. next The support zone is now nearing $67,000. If the market continues to fall, it could soon reach the support level of $66,250.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $68,000, followed by $67,000.
Major Resistance Levels – $68,800, and $69,500.
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Source: www.newsbtc.com