Bitcoin price corrected gains and tested the USD 67,500 support. BTC is now recovering and could aim for an upside break above $69,500.
- Bitcoin recovers losses and goes higher above $68,500.
- The price is trading above USD 68,800 and the 100 hourly moving average.
- A descending channel is forming with resistance at $69,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $68,000 and $67,400 levels.
Bitcoin price faces resistance
Bitcoin price did not hold steady above the $70,000 zone. BTC started a new decline and traded below the USD 69,000 support zone. There was a drop below $68,000.
The price fell below the 50% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. However, the bulls remained active near the $67,400 zone. The price is heading higher again, rising faster than $68,500.
Bitcoin is now trading above $68,800 and the 100 hourly moving average. If the price remains stable above USD 68,200, a new increase can be attempted. The immediate resistance is near the $69,500 level. A descending channel is also forming with resistance at $69,550 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $70,500 level. A close above the USD 70,500 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 71,200 resistance. Any further gains could send the price towards the $72,000 level. The next barrier for the bulls could be $72,200 and $72,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 69,500 resistance zone, it could trigger another decline. Immediate support is near the $68,000 level. The first major support is near the $67,400 level or the 61.8% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high.
The next support is now near the $67,000 zone. Any further losses could send the price towards the USD 66,000 support in the short term. The key support now lies at $65,000, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 68,000, followed by USD 67,400.
Major resistance levels – $69,500 and $70,000.