Bitcoin price is correcting losses from the $67,500 zone. BTC is recovering and could soon aim for a move above the USD 70,000 resistance zone.
- Bitcoin started a new decline from the $72,500 zone.
- The price is trading below $70,500 and the 100 hourly Simple Moving Average.
- There was a break above a connecting bearish trendline with resistance at $68,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could reach a bullish pace if it breaks above the $70,000 resistance zone.
Bitcoin price aims for recovery
Bitcoin price failed to reach a new all-time high and started a new decline below the $72,500 zone. There was a move below the USD 71,500 and USD 70,000 support levels.
The price even fell below $68,500 and tested $67,500. A low was formed at $67,483 and the price is now trying to recover. There was a move above the resistance at $68,500. The price surpassed the 23.6% Fib retracement level of the downward move from the $73,576 swing high to the $67,483 low.
There was a break above a connecting bearish trendline with resistance at $68,300 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $70,000 and the 100 hourly Simple Moving Average.
On the upside, the price could encounter resistance near the USD 69,500 level. It is close to the 50% Fib retracement level of the downward move from the $73,576 swing high to the $67,483 low. The first major resistance is around the $70,000 level. A clear move above the USD 70,000 resistance could push the price higher. The next major resistance could be $71,200.
A close above the resistance at $71,200 could lead to more gains. In the said case, the price could rise and test the USD 72,500 resistance level. Any further gains could send the price towards the USD 73,200 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it could trigger another decline. The immediate downside support is near the $68,000 level.
The first major support is near the $67,500 level. The next support is now near the $67,200 zone. Any further losses could send the price towards the USD 66,500 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – USD 68,000, followed by USD 67,500.
Major resistance levels – $69,500 and $70,000.