Bitcoin is still trying to get above the $68,000 barrier. BTC has now consolidated and may drop towards the $63,500 resistance.
- Bitcoin is still struggling to break through the $68,000 or $68,500 level.
- The price is above the Simple Moving Average of 100 hours and $66,000.
- On the hourly chart for the BTC/USD, there is a rising channel with resistance at $68,200 (data feed by Kraken).
- The pair may start a new decline and trade towards the $63,500 support area.
Bitcoin Price Faces Obstacles
Bitcoin price recovered most losses The price settled at $65,000. BTC, however, is struggling to break through the $68,000 and $68.500 levels.
The price is consolidating gains after the recent high at $68,034 was reached. It is trading over the 23.6% Fib level of the upwards wave from the swing-low $59150 to the $68,034 top. A key rising channel with resistance near $68,200 is forming on the hourly BTC/USD chart.
Bitcoin continues to trade above $66,000. 100 hourly Simple moving average. Near the $67.500 level, there is immediate resistance. The resistance level is around $67,500. next The key resistance level could be $68,000. If it is exceeded, the price will rise towards the $68,500 zone.
Source: BTCUSD on TradingView.com
If the price moves above the $68,500 support zone, it could attempt to move above $69,200. Any further gains could send the price towards the $70,000 mark.
Another Drop in BTC?
Bitcoin’s price could fall if it does not rise above the $68,000 zone of resistance. Support for the downside is located near the $66,550 and the channel trendline.
The first major resistance is $66,000. If the close is below $66,000, then the price may begin to pull back towards the $63,500 50% Fib retracement of the upswing from the swing-low $59150 to the $68,034 peak. If the price continues to fall, it could move toward the $62,500 zone of support.
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 near the 50 level.
Major Support Levels – $66,550, followed by $66,000.
Major Resistance Levels – $67,500, $68,000, and $68,500.
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