Bitcoin price started a recovery wave above $68,000. BTC is now struggling to surpass $68,800 and is showing signs of another decline.
- Bitcoin failed to break above $68,800 and limited most of its gains.
- The price is trading below $67,200 and the 100 hourly moving average.
- There was a break below an ascending channel with support at $67,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it stays below the $68,000 and $67,800 levels.
Bitcoin price is rejected
Bitcoin price formed a base above USD 66,500 and started a recovery wave. BTC was able to settle above $67,200 to move into a positive short-term zone.
The price climbed above the USD 67,500 resistance zone. The bulls even crossed the 38.2% Fib retracement level of the downward move from the $71,985 swing high to the $65,030 low. However, the bears were active near the USD 69,200 resistance zone.
The price failed to break the 61.8% Fib retracement level of the downward move from the $71,985 swing high to the $65,030 low. There was a new bearish reaction and a break below a rising channel with support at $67,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $67,200 and the 100 hourly moving average. If the price remains stable above $66,000, another move up can be attempted. The immediate resistance is near the $67,800 level.
The first major resistance is around the $68,500 level. A close above the USD 68,500 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 69,250 resistance. Any further gains could send the price towards the USD 69,500 level. The next barrier for the bulls could be $70,000.
Lose more in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could trigger another decline. Immediate support is near the $66,000 level. The first major support is near the $65,750 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 $64,200, 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 66,000, followed by USD 65,500.
Major resistance levels – $67,800 and $68,500.