Bitcoin price started a recovery wave above $68,500. BTC is now struggling to clear $72,000 and could start another decline in the near term.
- Bitcoin is trying to recover but is facing many hurdles around $72,000.
- The price is trading below $70,000 and the 100 hourly moving average.
- A short-term bearish trendline is forming with resistance at $69,200 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 $67,700 levels.
Bitcoin price faces resistance
Bitcoin price managed to remain stable above the $66,500 zone. BTC started a recovery wave and was able to climb above the USD 68,000 resistance zone.
The price surpassed the 50% Fib retracement level of the downward move from the $78,988 swing high to the $60,500 low. However, the bears seem to be active around the USD 72,200 and USD 72,500 levels. Moreover, in the short term, a bearish trendline is forming with resistance at $69,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $70,000 and the 100 hourly moving average. If the price remains stable above $68,000, another move up can be attempted. Immediate resistance is near the $69,200 level and trendline.
The first major resistance is around the $71,000 level. A close above the USD 71,000 resistance could send the price rising further. In the said case, the price could rise and test the $72,000 resistance or the 61.8% Fib retracement level of the downward move from the $78,988 swing high to the $60,500 low. Any further gains could send the price towards the USD 73,500 level. The next barrier for the bulls could be $74,000 and $74,500.
Another drop in BTC?
If Bitcoin fails to rise above the USD 71,500 resistance zone, it could trigger another decline. Immediate support is near the $68,000 level. The first major support is near the $67,650 level.
The next support is now near the $65,500 zone. Any further losses could send the price towards the USD 65,000 support in the near term. The key support now lies at $63,200, 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 below the 50 level.
Major support levels – USD 68,000, followed by USD 67,600.
Major resistance levels – $71,500 and $72,000.