Bitcoin price started a decent increase above $68,000. $BTC is now consolidating above $66,250 and could target further gains above $68,800.
- Bitcoin started a fresh rise after stabilizing above the $67,200 support.
- The price is trading above $67,200 and the 100 hourly simple moving average.
- A new downtrend line forms with resistance at $68,000 on the hourly chart of the $BTC/USD pair (Kraken data feed).
- The pair could fall again if it trades below the $66,500 and $66,250 levels.
Bitcoin Price Drops to Support
Bitcoin price managed to form a base above the $66,500 zone. $BTC started a new rise and managed to break above the $68,000 resistance zone.
The price even broke above the $68,800 resistance. Eventually, bears appeared at almost $70,000. A high was reached at $70,000 and the price has recently corrected some gains. There was a move below the 38.2% Fibonacci retracement level of the upward move from the $62,500 low to $70,000 high.
Bitcoin is now trading above $67,000 and the 100 hourly simple moving average. If the price remains stable above $67,000, it could attempt a further rise. Immediate resistance is near the $68,000 level. A new downtrend line is also forming with resistance at $68,000 on the hourly chart of the $BTC/USD pair.
The first key resistance is near the $68,250 level. A close above the $68,250 resistance could push the price further. In the indicated case, the price could rise and test the resistance of $69,500. Any further gains could push the price towards the $70,000 level. The next barrier for the bulls could be $70,500 and $71,200.
Continued decline in $BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could begin a further decline. Immediate support is near the $67,000 level. The first major support is near the $66,250 level or the 50% Fibonacci retracement level of the upward move from the $62,500 low to $70,000 high.
The next support is now near the $65,500 zone. Any further losses could push the price towards the $65,000 support in the near term. The main support now lies at $63,500, below which $BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for $BTC/USD is now above the 50 level.
Major support levels – $67,000, followed by $66,500.
Major resistance levels – $68,000 and $68,500.
