Bitcoin price started a wave of recovery from $68,000. $BTC It is currently above $70,000, and it may be difficult for it to continue rising further in the short term.
- Bitcoin started a decent recovery wave above $69,500 and $70,000.
- The price is trading above $70,000 and the 100 hourly simple moving average.
- On the hourly chart, the price broke above the bearish trend line with resistance at $69,500. $BTC/USD pair (data feed from Kraken).
- If the pair breaks below the $71,500 and $72,000 levels, it could start a further decline.
Bitcoin price tries to recover
Bitcoin price has found support near the $67,500 zone and recently started a wave of recovery. $BTC It broke above the $68,800 and $69,500 resistance levels.
On the hourly chart, the price broke above the bearish trend line with resistance at $69,500. $BTC/USD pair. The bulls were able to push the price above the 38.2% Fib retracement level of the decline from the swing high of $75,999 to the low of $67,343.
However, the price faced resistance near the $71,500 zone and the 50% Fib retracement level of the decline from the swing high of $75,999 to the low of $67,343. Bitcoin is currently trading above $70,000 and its 100-hour simple moving average.
If the price remains stable above $70,000, it may attempt a new rally. Immediate resistance is near the $71,650 level. The first major resistance level is near the $72,000 level. If the price closes above the $72,000 resistance, the price could move higher.
In the above case, the price could rise and test the $73,500 resistance. Further upside could push the price towards the $74,200 level. The next barrier for the bulls could be $75,000.
further decline $BTC?
If Bitcoin fails to rise above the $71,650 resistance zone, further decline could begin. Immediate support is near the $70,000 level. The first major support is near the $69,350 level.
The next support is currently located near the $68,950 zone. Any further losses could send the price towards the $68,000 support in the near term. The current major support is $67,500 and below it. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently above the 50 level.
Major support level – $68,950 followed by $68,000.
Key resistance levels – $71,650 and $72,000.
