Bitcoin price started a decent rise above USD 68,500 but failed at USD 70,000. BTC is now consolidating and could aim for more gains above $68,800.
- Bitcoin started a new surge after breaking above the $68,000 support.
- The price is trading above $68,000 and the 100 hourly moving average.
- A contracting triangle is forming with resistance at $68,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $67,000 and $66,550 levels.
Bitcoin price corrects lower from $70,000
Bitcoin price managed to form a base above the $66,500 zone. BTC started a new increase and was able to surpass the USD 67,400 resistance zone.
The price even rose above the USD 68,800 resistance. Finally, the bears showed up for almost $70,000. It reached a high at $70,100, and the price recently corrected some gains. There was a move below $68,000, and the price tested the 50% Fib retracement level of the upward move from the $63,030 swing low to the $70,100 high.
Bitcoin is now trading above $68,000 and the 100 hourly moving average. If the price remains stable above $67,400, another move up could be attempted. The immediate resistance is near the $68,500 level. A contracting triangle is also forming with resistance at $68,400 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $69,550 level. A close above the resistance at $69,550 could send the price rising further. In the mentioned case, the price could rise and test the USD 70,000 resistance. Any further gains could send the price towards the USD 70,500 level. The next threshold for the bulls could be $70,850 and $71,200.
Disadvantage of BTC?
If Bitcoin fails to rise above the USD 68,800 resistance zone, it could trigger another decline. The immediate support is near the $67,400 level. The first major support is near the $66,550 level.
The next support is now near the $65,000 zone. Any further losses could send the price towards the USD 64,700 support in the near term. The key support is now at $63,000, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 67,400, followed by USD 66,550.
Major resistance levels – $68,800 and $70,000.