Bitcoin struggled against the resistance of $68,800. BTC now is moving downwards and there’s a chance of further downsides under the $65,000 level.
- Bitcoin’s price struggles to gain a foothold above $68,000.
- Price is below the Simple Moving Average of 100 hours and $68,000.
- The hourly chart for the BTC/USD pairs shows a connective bearish trendline with resistance around $67,800. (Data feed from Kraken).
- If the pair clears $68,000 in the short term, it could see a bullish trend.
Bitcoin Price Faces Resistance
The Bitcoin Price Tried a fresh increase Above the $65,500 area. BTC has climbed higher than the $68,000 and $67200 levels. Bears were also active around the $69,000 level.
The price has now moved lower. A move was made below the support area of $67,500. The price fell below the Fib 50% retracement of the wave that recovered from the swing low $64,555 to the high $68,898.
Bitcoin now trades below $68,000. 100 hourly Simple moving average. This is testing the level of Fib retracement at 76.4% from the swing-low $64,555 up to the 68,898 high.
On the hourly BTC/USD chart, there is also an overlapping bearish trendline with resistance near $67.800. The immediate resistance level is around $66,750. There is immediate resistance near the $66,750 level. next Key resistance can be $67.800 or trendline. Above this, the price may rise towards the $68,800 zone.
Source: BTCUSD on TradingView.com
The price may even try to move over the resistance level of $70,000 if there is an obvious move above $68,800. If the price gains any more, it could move towards the $71,200 mark.
BTC: More losses in the BTC market?
Bitcoin could begin a new decline if it fails to break through the resistance level of $67,800. Support for the immediate downside lies near $65,550.
The main financial support for the first year is $65,000. Main support lies at $64,500. A close below the $64,500 mark could trigger a price drop towards the $63,500 area. If the price continues to drop, it could reach the support level of $62,000.
The following are 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 below the 50 level.
Major Support Levels – $65,500, followed by $65,000.
Major Resistance Levels – $67,800, $68,800, and $70,000.
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