Bitcoin price started a recovery wave from $60,000. BTC is now consolidating gains above $70,000 and facing hurdles near the $72,000 zone.
- Bitcoin is trying to recover, but is struggling to overcome obstacles.
- The price is trading above $70,000 and the 100 hourly moving average.
- There was a break above a bearish trendline with resistance at $69,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $68,500 and $67,200 levels.
Bitcoin price holds support
Bitcoin price managed to remain steady above the $65,000 zone. BTC started a recovery wave and was able to climb above the USD 68,500 resistance zone.
The price surpassed the 50% Fib retracement level of the recent downward move from the $78,988 swing high to the $60,500 low. Additionally, there was a break above a bearish trendline with resistance at $69,800 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading above $70,000 and the 100 hourly moving average. If the price remains stable above $70,000, another increase can be attempted. The immediate resistance is near the $71,200 level. The first major resistance is near the $72,000 level or the 61.8% Fib retracement level of the recent downward move from the $78,988 swing high to the $60,500 low.
A close above the USD 72,000 resistance could send the price rising further. In the mentioned case, the price could rise and test the USD 73,200 resistance. Any further gains could send the price towards the USD 74,650 level. The next barrier for the bulls could be $75,000 and $75,500.
Another drop in BTC?
If Bitcoin fails to rise above the $72,000 resistance zone, it could trigger another decline. Immediate support is approaching the $70,000 level. The first major support is near the $68,500 level.
The next support is now near the $67,200 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 bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 68,500, followed by USD 67,200.
Major resistance levels – $72,000 and $74,650.