The Bitcoin price has started to recover strongly from its $60,800 area. BTC is now up almost 10% but faces hurdles around the $68,800 support.
- From the support area of $60.800, Bitcoin’s price has started to rise.
- Above the 100-hour Simple moving average, and above the price of $64,500.
- On the hourly chart for the BTC/USD, there was a breakout above the key trendline with resistance of $65,000 (data from Kraken).
- For a new trend to begin, both pairs must break through the resistance level of $68,800.
Bitcoin Price Recovery 10%
Bitcoin price extended its decline Below the $62,500 area. BTC even spiked under the $61,200 levels before the bulls emerged near $60,800. Price is moving upwards after the low formed at $60,778.
A decent rise was seen above the resistance levels of $63,000, and $64,000. Even the Fib 50% retracement of the move downward from the swing-high $68,898 low to the 60,778 high was cleared. On the hourly BTC/USD chart, there was a breakout above the key trendline with resistance of $65,000.
Bitcoin now trades above $64,500 100 hourly Simple moving average. This is also higher than the level at which the 76.4% of the move downward from the swing-high $68,898 down to the 60,778 low was retraced.
Source: BTCUSD on TradingView.com
The immediate resistance level is close to $68,000. First major resistance may be at $68,800. The price may continue to rise if there is an upward movement above the resistance level of $68,800. Price could reach $70,000 in near-term. In the stated case, price could even clear $70,000 resistance zone in the near term. next Key resistance for the SR-72 is set at $72,500.
BTC: Another drop in the BTC price?
Bitcoin could begin a new decline if it fails to break through the resistance level of $68,800. Support for the short-term is at the $66,800 area.
The initial major contribution is $65 500. The first major assistance is $65,500. next The support is $64,800. A close below the $64,800 level could trigger a price drop towards the $63,000 mark. In the short term, any further losses could send the price towards the support zone of $62,500.
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 60 level.
Major Support Levels – $65,500, followed by $64,800.
Major Resistance Levels – $68,000, $68,800, and $70,000.
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