Bitcoin’s price continued to decline and fell below $67,200. BTC is consolidating near the $66,650 level and has now found support.
- Bitcoin’s price has fallen below $67,000, but the bulls remain active.
- Price is above the Simple Moving Average of 100 hours and $68,000.
- On the hourly BTC/USD chart, there is an important rising channel with resistance of $68,200 (data from Kraken).
- It is possible that the pair will gain bullish momentum once it settles over $68,400.
Bitcoin Price Stagnant Below $70K
Bitcoin’s price continued to fall below $67,500. BTC has recently begun a new recovery. Price traded down to $66,652 and then climbed above $67500.
Bulls were able push the price up to $68,000. The price even soared over the 50% Fib level of the decline from the swing high $69,550 to the low $66,652. Bitcoin is currently trading at a price above $68,000, and also the Simple Moving Average 100-hourly.
The price faces resistance on the upside near the level of $68,200. On the hourly BTC/USD chart, a rising channel is forming. The resistance level at this point is $68,200.
First major resistance is $68,400, or 61.8% of Fib’s retracement from $69 550 swing-high to $66,652 bottom. Next, $68,800 could become a key resistance. If the price moves above $68,800, it could send prices higher.
Price could test $69,500 as resistance in the case stated. BTC could reach the resistance of $70,600 if it gains any more.
BTC: More losses in the BTC market?
Bitcoin could begin a new decline if it fails to rise above the $68,400 zone of resistance. Support for the immediate downside lies near $67,500.
First, there is a major financial support of $67.200. Next support will be nearer $67,000. If the market continues to fall, it could soon reach the $66,500 zone.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $67,500, followed by $67,000.
Major Resistance Levels – $68,400, and $68,800.
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Source: www.newsbtc.com
