Bitcoin price corrected gains and tested the $67,500 support. BTC is currently recovering and could target a bullish breakout above $69,500.
- Bitcoin recovers its losses and exceeds $68,500.
- The price is trading above $68,800 and the 100 hourly simple moving average.
- A bearish channel is forming with resistance at $69,550 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could fall again if it trades below the $68,000 and $67,400 levels.
Bitcoin price faces resistance
The price of Bitcoin failed to remain stable above the $70,000 zone. BTC started a fresh decline and traded below the $69,000 support zone. There was a push below $68,000.
The price fell below the 50% Fibonacci retracement level of the upward move from the $65,072 low to $70,935 high. However, the bulls remained active near the $67,400 zone. The price increases again and exceeds $68,500.
Bitcoin is now trading above $68,800 and the 100 hourly simple moving average. If the price remains stable above $68,200, it could attempt a further rise. Immediate resistance is near the $69,500 level. There is also a bearish channel forming with resistance at $69,550 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $70,500 level. A close above the $70,500 resistance could push the price further. In the indicated case, the price could rise and test the resistance of $71,200. Any further gains could push the price towards the $72,000 level. The next barrier for the bulls could be $72,200 and $72,500.
Another drop in BTC?
If Bitcoin fails to rise above the $69,500 resistance zone, it could begin a further decline. Immediate support is near the $68,000 level. The first major support is near the $67,400 level or the 61.8% Fibonacci retracement level of the upward move from the $65,072 low to $70,935 high.
The next support is now near the $67,000 zone. Any further losses could push the price towards the $66,000 support in the near term. The main support now lies at $65,000, below which BTC may struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now accelerating into the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels – $68,000, followed by $67,400.
Major resistance levels – $69,500 and $70,000.
