Bitcoin price remained above the $68,500 support zone. BTC is now consolidating and could aim for a further rise above the $70,150 resistance.
- Bitcoin found support near $68,500 and began a decent recovery wave.
- The price is trading below $70,000 and the 100 hourly simple moving average.
- There is a bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if there is no movement above the $70,150 resistance.
Bitcoin Price Faces Resistance
Bitcoin price extended its decline below the $70,000 support zone. BTC even fell below the $69,500 level before bulls appeared near $68,500. A low was formed at $68,409 and the price is now attempting a recovery wave.
There was a move above the $69,250 resistance zone. The price rose above the 23.6% Fib retracement level of the downward move from the $71,900 high to $68,409 low.
Bitcoin is now trading below $70,000 and the 100 hour simple moving average. However, there is a bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $70,000 level.
![Bitcoin Price Resurgence: Ready for Another Rally? 1 Bitcoin Price](https://thegurumedia.com/wp-content/uploads/2024/06/Bitcoin_919d4d.png)
The first major resistance could be $70,150 and the 50% Fibonacci retracement level of the downward move from the $71,900 swing high to $68,409 low. The next key resistance could be at $70,550. A clear move above the $70,550 resistance could push the price higher. In this case, the price could rise and test the $71,200 resistance. Any further gains could send BTC towards the $72,000 resistance.
Another decline in BTC?
If Bitcoin fails to rise above the $70,150 resistance zone, it could begin another decline. Immediate downside support is near the $69,500 level and trendline.
The first major support is at $69,150. The next support is now forming near $68,500. Further losses could send the price towards the $67,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $69,500, followed by $68,500.
Main resistance levels – $70,150 and $70,500.