Bitcoin price failed to extend its recovery wave above the $70,500 zone. BTC is now consolidating and could drop below $68,500 again.
- Bitcoin started a decent recovery wave above the $68,500 zone.
- The price is trading above USD 68,650 and the 100 hourly moving average.
- A major descending channel or possible bullish flag is developing with support 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 $68,400 and $68,000 levels.
Bitcoin price faces major resistance
Bitcoin price remained high and extended its rise above the $68,800 level. BTC climbed above the USD 69,500 and USD 70,000 resistance levels.
The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $74,062 swing high to the $65,645 low. However, the bears are still active around $71,200. The price failed to extend gains and started a bearish wave below $70,000.
Bitcoin is now trading above $68,800 and the 100 hourly moving average. A major descending channel or possible bullish flag has also emerged with support at $68,400 on the hourly chart of the BTC/USD pair.
If the price remains stable above USD 68,400, a new increase can be attempted. The immediate resistance is near the $70,000 level. 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 or towards the 76.4% Fib retracement level of the downward move from the $74,062 swing high to the $65,646 low. The next threshold for the bulls could be $72,650.
More disadvantages in BTC?
If Bitcoin fails to rise above the USD 70,500 resistance zone, it could trigger another decline. Immediate support is near the $68,800 level. The first major support is near the $68,400 level.
The next support is now near the $68,000 zone. Any further losses could send the price towards the USD 67,250 support in the short term. The key support now lies at $66,500, 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 68,400, followed by USD 68,000.
Major resistance levels – $70,500 and $71,200.