Bitcoin price struggled to recover above the $68,800 resistance. BTC is now falling and there is a risk of further downside below the $65,000 support.
- Bitcoin price is struggling to start a new rise above the $68,000 zone.
- The price is trading below $68,000 and the 100 hourly simple moving average.
- There is a bearish trendline forming with resistance at $67,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish momentum if it surpasses the $68,000 resistance zone in the near term.
Bitcoin Price Faces Resistance
Bitcoin price tried a new increase above the $65,500 zone. BTC rose above the $67,200 and $68,000 levels. However, bears were active near the $69,000 zone.
A high was formed at $68,898 and the price is now falling. There was a move below the $67,500 support zone. The price fell below the 50% Fib retracement level of the recovery wave from $64,555 swing low to $68,898 high.
Bitcoin is now trading below $68,000 and the 100 hour simple moving average. It is testing the 76.4% Fibonacci retracement level of the recovery wave from the $64,555 swing low to $68,898 high.
There is also a bearish trend line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $66,750 level. The next key resistance could be $67,800 or the trendline, above which the price could rise towards the $68,800 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the $68,800 resistance zone, the price may even attempt a move above the $70,000 resistance zone. Any further gains could send the price towards the $71,200 level.
More losses in BTC?
If Bitcoin fails to rise above the $67,800 resistance zone, it could begin another decline. Immediate downside support is near the $65,550 level.
The first major support is $65,000. Main support sits at $64,500. If there is a close below $64,500, the price could begin a decline towards the $63,500 level. Further losses could send the price towards the $62,000 support zone.
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 50 level.
Key support levels – $65,500, followed by $65,000.
Main resistance levels – $67,800, $68,800 and $70,000.
Disclaimer: The article is provided for educational purposes only. It does not represent NewsBTC’s opinion on buying, selling or holding any investments and, naturally, investing carries risks. We advise that you conduct your own research before making any investment decisions. Use the information provided on this website at your own risk.