Bitcoin price failed to recover above the $68,000 resistance zone. BTC is falling and may fall again towards the $62,000 support zone.
- Bitcoin price started a decent rise but struggled near the $68,000 zone.
- The price is trading below $66,000 and the 100 hourly simple moving average.
- There is a short-term falling channel or bull flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $66,200 resistance zone to begin a fresh increase.
Bitcoin Price Faces Hurdles
Bitcoin price tried a decent wave of recovery above the $65,000 resistance zone. BTC rose above the $66,000 and $67,000 levels. However, bears were active near the $68,000 level.
A high was formed at $68,137 and the price is now falling. There was a break below the $66,000 support level. The price fell below the 23.6% Fib retracement level of the recovery wave from $60,778 swing low to $68,137 high.
Bitcoin is now trading below $66,000 and the 100 hour simple moving average. Bulls are now trying to protect the 50% Fibonacci retracement level of the recovery wave from the $60,778 swing low to $68,137 high at $64,500.
Immediate resistance is near the $66,000 level. There is also a short-term falling channel or bull flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair. The first major resistance could be at $67,000.
Source: BTCUSD on TradingView.com
If there is a clear move above the $67,000 resistance zone, the price could continue to gain strength. In the stated case, the price could even surpass the $68,000 resistance zone in the short term. The next key resistance lies at $70,000.
More losses in BTC?
If Bitcoin fails to rise above the $66,000 resistance zone, it could continue to fall. Immediate downside support is near the $64,500 level.
The first major support is at $63,500. The next support is at $62,000. If there is a close below $62,000, the price could begin a decline towards the $61,200 level. Further losses could send the price towards the $60,500 support zone in the near term.
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.
Key support levels – $64,500, followed by $63,500.
Main resistance levels – $66,000, $67,000 and $68,000.
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