Bitcoin price struggled to recover above the $68,000 resistance zone. BTC is falling again and may even fall below the $66,000 support zone.
- Bitcoin began another decline from the $68,200 resistance zone.
- The price is trading below $68,000 and the 100 hourly simple moving average.
- There is a bearish trendline forming with resistance at $67,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may recover, but upside may be limited above the $68,000 level.
Bitcoin Price Turns Red Again
Bitcoin price struggled to rise above the $68,500 resistance zone. BTC remained in a bearish zone and extended losses below the $67,200 level. There was a move below the $67,000 level.
The price tested the $66,250 zone. A low was formed at $66,244 and the price is now consolidating losses below the 23.6% Fibonacci retracement level of the descending wave from the $69,970 swing high to $66,244 low. Bitcoin is now trading below $68,000 and the 100 hour simple moving average.
It appears that the price is forming a short-term base above the $66,250 zone, but there are many obstacles for the bulls. On the upside, the price is facing resistance near the $67,150 level. There is also a bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC/USD pair.
The first major resistance could be $68,000 and the 50% Fibonacci retracement level of the descending wave from the $69,970 swing high to $66,244 low. The next key resistance could be at $68,500. A clear move above the $68,500 resistance could push the price higher.
In this case, the price could rise and test the $69,200 resistance. Any further gains could send BTC towards $70,000 resistance in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $67,150 resistance zone, it could begin another decline. Immediate downside support is near the $66,250 level.
The first major support is at $66,000. The next support is now forming near $65,000. Further losses could send the price towards the $63,500 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 below the 50 level.
Key support levels – $67,000, followed by $66,000.
Main resistance levels – $68,550 and $69,200.