Bitcoin price started a strong wave of recovery in the $60,800 zone. BTC is up nearly 10% and now faces hurdles near the $68,800 resistance.
- Bitcoin price started a decent rise from the $60,800 support zone.
- The price is trading above $64,500 and the 100 hourly simple moving average.
- There was a break above a downtrend line with resistance at $65,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $68,800 resistance zone to begin a new uptrend.
Bitcoin price recovers 10%
Bitcoin Price extended its decline below the $62,500 zone. BTC even reached below the $61,200 level before bulls appeared near $60,800. A low was formed near $60,778 and the price is now moving higher.
There was a decent rise above the $63,000 and $64,000 resistance levels. The price even surpassed the 50% Fib retracement level of the downward move from the $68,898 high to $60,778 low. There was a break above a downtrend line with resistance at $65,000 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $64,500 and the 100 hour simple moving average. It is also above the 76.4% Fibonacci retracement level of the downward move from the $68,898 high to $60,778 low.
Source: BTCUSD on TradingView.com
Immediate resistance is near the $68,000 level. The first major resistance could be at $68,800. If there is a clear move above the $68,800 resistance zone, the price could continue to gain strength. In the stated case, the price could even surpass the $70,000 resistance zone in the short term. The next key resistance lies at $72,500.
Another decline in BTC?
If Bitcoin fails to rise above the $68,800 resistance zone, it could begin another decline. Immediate downside support is near the $66,800 level.
The first major support is at $65,500. The next support is at $64,800. If there is a close below $64,800, the price could begin a decline towards the $63,000 level. Further losses could send the price towards the $62,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level.
Key support levels – $65,500, followed by $64,800.
Main resistance levels – $68,000, $68,800 and $70,000.
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