Bitcoin price started a wave of recovery above $68,500. $BTC It is currently struggling to clear $72,000, and further declines could begin in the near future.
- Bitcoin is trying to recover, but faces a number of hurdles near $72,000.
- The price is trading below the 100 hourly simple moving average at $70,000.
- On the hourly chart of , there is a short-term bearish trend line forming resistance at $69,200. $BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $68,000 and $67,700 levels.
Bitcoin price faces resistance
Bitcoin price managed to remain stable above the $66,500 zone. $BTC A wave of recovery has begun and we were able to break above the $68,000 resistance zone.
Price has broken above the 50% Fib retracement level of the decline from the swing high of $78,988 to the low of $60,500. However, the bears seem to be active around the $72,200 and $72,500 levels. Additionally, there is a short-term bearish trendline forming resistance at $69,200 on the hourly chart. $BTC/USD pair.
Bitcoin is currently trading below $70,000 and its 100-hour simple moving average. If the price remains stable above $68,000, it could attempt a new rally. Immediate resistance is near the $69,200 level and trend line.
The first major resistance level is near the $71,000 level. If the price closes above the $71,000 resistance, the price could move higher. In the above case, the price could rise and test the $72,000 resistance or the 61.8% Fib retracement level of the decline from the swing high of $78,988 to the low of $60,500. Further upside could push the price closer to the $73,500 level. The next hurdles for the bulls could be $74,000 and $74,500.
further decline $BTC?
If Bitcoin fails to rise above the $71,500 resistance zone, further decline could begin. Immediate support is near the $68,000 level. The first major support is near the $67,650 level.
The next support is currently located near the $65,500 zone. Any further losses could send the price towards the $65,000 support in the near term. The current major support is $63,200 and below it. $BTC Recovery may be difficult in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – RSI $BTC/USD is currently below the 50 level.
Major support level – $68,000, then $67,600.
Key resistance levels – $71,500 and $72,000.
