Bitcoin price started a wave of recovery above $67,500. $BTC The price is currently consolidating below $68,800, and it may be difficult for it to continue rising further.
- Bitcoin began a wave of recovery above $67,000 and $67,200.
- The price is trading above $67,000 and the 100 hourly simple moving average.
- On the hourly chart, there is an ascending channel with resistance forming at $68,800. $BTC/USD pair (data feed from Kraken).
- If the pair breaks below the $68,500 and $68,800 levels, it could start a further decline.
Eyes on Bitcoin price recovery
Bitcoin price formed a base above $65,500 and a wave of recovery began. $BTC We were able to settle above $66,000 and enter the short-term positive zone.
The price rose above the $67,200 resistance zone. The bulls also cleared the 38.2% Fib retracement level of the decline from the swing high of $71,986 to the low of $65,030. However, the bears are currently operating near the $68,500 resistance zone.
Bitcoin is currently trading above $67,000 and its 100-hour simple moving average. If the price remains stable above $67,000, it could attempt a new rally. Immediate resistance is near the $68,500 level, or the 50% Fib retracement level of the decline from the swing high of $71,986 to the low of $65,030.
The first major resistance level is near the $68,800 level. There is also an ascending channel with resistance forming at $68,800 on the hourly chart. $BTC/USD pair. If the price closes above the $68,800 resistance level, the price could move higher. In the above case, the price could rise and test the $69,250 resistance. Further upside could push the price closer to the $69,500 level. The next barrier for the bulls could be $70,000.
another drop in $BTC?
If Bitcoin fails to rise above the $68,800 resistance zone, further decline could begin. Immediate support is near the $67,000 level. The first major support is near the $66,800 level.
The next support is currently located near the $65,800 zone. Any further losses could send the price towards the $65,800 support in the near term. The current main support is $65,000, below which it is falling. $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 – $67,000, then $65,800.
Key resistance levels – $68,500 and $68,800.
