Bitcoin price started a wave of recovery from the $68,500 area. BTC is now consolidating and could aim to make more gains above $70,500.
- Bitcoin started a decent recovery wave from the $69,200 area.
- The price is trading above $68,500 and 100 simple moving averages per hour.
- On the hourly chart of the BTC/USD pair (data from Kraken) a break was formed below the upward trend line with support at $70,400.
- If it trades above the $69,280 and $68,000 levels, the pair may decline again.
Bitcoin price is failing near resistance
Bitcoin price remained high and extended its gains above the $68,500 level. BTC broke above the $69,200 and $70,000 resistance levels.
The bulls pushed the price above the 61.8% Fib retracement level from the $74,062 high to $65,646. However, bears are active below $72,000. The price rejected near the $71,600 level and started a negative correction.
There was a break below the uptrend line with support at $70,400 on the hourly chart of the BTC/USD pair. Bitcoin is currently trading above $68,500 and above the 100 hourly simple moving average. If the price remains stable above $68,500, it may attempt a new rally. Immediate resistance is near the $70,250 level.
The first key resistance is near the $70,500 level. A close to the $70,500 resistance could push the price even higher. In this case, the price may rise and test the $71,500 resistance. Any further gains could send the price towards the $72,000 level or the 76.4% Fib retracement level of the move down from $74,062 to $65,646. The next hurdle for bulls could be $72,650.
More in BTC?
If Bitcoin fails to break above the $70,500 resistance zone, it may start another decline. Immediate support is near the $69,280 level. The first major support is near the $68,500 level.
The next support is now near the $68,000 area. Any further losses could send the price to the $67,250 support in the near term. Key support is now at $66,500, below which BTC may recover in the near term.
Technical indicators:
Hourly MACD – MACD is currently accelerating in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently near the 50 level.
The main support level is $68,500, followed by $68,000.
The main resistance levels are $70,500 and $72,000.
