Bitcoin’s price continued to decline and fell below $67,200. BTC is consolidating near the $66,650 level and has now found a support.
- Bitcoin has dropped below the $67,000 mark, but bulls still remain in motion.
- Price is above the Simple Moving Average of 100 hours and $68,000.
- The hourly chart for the BTC/USD pairs shows a rising channel, with resistance around $68,200. (Data feed by Kraken).
- It is possible that the pair will gain bullish momentum once it settles over $68,400.
Bitcoin Price Stagnant Below $70K
Bitcoin’s price continued to fall below $67,500. BTC recently began a wave of recovery after testing the $66,650 area. Before it rose above $67,000, the price had traded as low at $66,652.
Bulls managed to get the price above $68,000. Even the price spiked higher than the Fib 50% retracement of the down move from $69,550 swing low to $66,652 bottom. Bitcoin is currently trading at a price above $68,000, and also the Simple Moving Average 100 hours.
Price is currently facing resistance at the $68,200 mark. On the hourly BTC/USD chart, a rising channel is forming. The resistance level at this point is $68,200.
The next major resistance level could be the 61.8% Fib-retracement or $68,400. This is the first significant obstacle to overcome. The next Key resistance may be around $68,800. The price could rise if it clears the $68,800 barrier.
The price may rise in this case and try to test the resistance of $69 500. BTC may reach $70.600 with any further gains.
BTC: More losses in the BTC market?
Bitcoin could begin a new decline if it fails to rise above the $68,400 zone of resistance. Near the $68,500 level, there is immediate support for Bitcoin’s downside.
First, the support will be $67 200. The first major support is $67,200. next The support zone is nearing $67,000. If the market continues to fall, it could soon reach the support level of $66,500.
Indicators of technical indicators
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $67,500, followed by $67,000.
Major Resistance Levels – $68,400, and $68,800.
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Source: www.newsbtc.com