Bitcoin failed to break through the resistance level of $68,000. BTC has been sliding downwards and could fall back to the support zone of $62,000.
- While Bitcoin’s price increased, it struggled to reach the $68,000 area.
- The current price of the stock is less than $66,000, and it’s below 100-hour Simple moving average.
- The hourly chart shows a declining channel, or bullish flag with a support at $66,200. (Data feed from Kraken)
- For a new increase to begin, both must break through the resistance of $66,200.
Bitcoin Price Faces Challenges
The Bitcoin price has been attempting to decline recovery wave Above the $65,000 resistance level. BTC rose above $66,000 and 67,000 levels. The bears, however, were very active around the $68,000 mark.
Price is moving downwards after a high at $68,137. A break was made below the $66,000 resistance level. Price fell below the Fib 23.6% retracement of the wave that recovered from the swing low at $60,778 to the high at $68,137.
Bitcoin has fallen below the $66,000 mark. 100 hourly Simple moving average. The bulls have now tried to protect the Fib 50% retracement levels of the wave recovery that has taken place from the swing-low $60,778 up to the 68,137 high $64,500.
Near the $66,000 mark, there is immediate resistance. A short-term descending channel, or bullish flag is forming at resistance of $66,200 in the hourly chart for the BTC/USD. The first significant resistance might be $67,000.
Source: BTCUSD on TradingView.com
The price may continue to rise if there is an upward movement above the resistance level of $67,000. The price may even break through the $68,000 zone of resistance in the short term. The price of the car could be as high as $68,000 in a short time. next The key resistance for the 3M Key Resistor is $70,00.
BTC Losses Increased?
Bitcoin may continue its downward trend if it does not rise above $66,000. The $64,500 support level is the immediate downside support.
First, you will receive $63,500. First, the first major support is $63,500. next Support is at $62,000. A close below the $62,000 level could trigger a price drop towards the $61,200 mark. In the short term, any further losses could send the price towards the support zone of $60,500.
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 below the 60 level.
Major Support Levels – $64,500, followed by $63,500.
Major Resistance Levels – $66,000, $67,000, and $68,000.
Disclaimer article This information is only for educational purposes. NewsBTC does not give its opinion on the best way to invest, whether you should buy, hold or sell any investment. Investing is risky and comes with risks. It is recommended that you conduct your own research. own Do your research before you make any investments. This website is for informational purposes only. own risk.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com