Bitcoin’s price continues to struggle against the $70,000 resistance. BTC is gradually moving lower and may soon drop towards the $67,000 supports.
- Bitcoin is still struggling to break through the $69500 and $70,000 level.
- The price is above the Simple Moving Average of 100 hours and $68,000.
- On the hourly chart for the BTC/USD, there is a strong bullish trendline with a support level of $68,000 (data feed by Kraken).
- The pair could move lower and trade to the $67,000 zone of support.
Bitcoin Price Consolidates
Bitcoin price makes another attempt at gain strength Above the $69,000 mark. BTC cleared $69,500, but bears are active near $70,000 resistance zone.
The price began to correct downwards after a high of $69,981. A move was made below the $69500 and $69200 levels. The price fell below the 23.6% Fib level of the upward wave between the swing low at $65,200 and the high at $69,981.
Bitcoin has now reached a price of $68,000. 100 hourly Simple moving average. On the hourly chart for the BTC/USD, there is also a bullish trendline that forms with support at $68,000. The trendline is very close to 50% Fib of the upward wave that went from the swing-low $65,200 up to the $69981 high.
The immediate resistance level is around $68,850. The quickest resistance level is around $68,850. next The key resistance level could be $69200. If the price rises above this, it could reach the $69500 zone of resistance.
Source: BTCUSD on TradingView.com
The price may even try to move over the $70,000 zone if there is a clear movement above the $69500 resistance zone. Adding to the gains could push the price up towards $72,000.
BTC: More losses in the BTC?
Bitcoin could begin a new decline if it fails to break through the resistance zone of $68,850. The trendline and the $68,000 level are the immediate support levels on the downside.
First major support is $67,000. If the price closes below $67,000 then it could begin a decent decline towards the $65,500 area. If the price continues to fall, it could move towards the $64,400 level of support.
Technical indicators
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $68,000, followed by $67,000.
Major Resistance Levels – $68,850, $69,200, and $69,500.
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