Bitcoin price started a new low from $68,500 and $68,000. BTC is now consolidating and could fight to start a wave of recovery from $68,500.
- Bitcoin started a new decline after it broke above the $69,500 area.
- The price is less than $68,000 and 100 simple moving averages trade per hour.
- On the hourly chart of the BTC/USD pair (data from Kraken) there was a break below the main uptrend line with support at $68,900.
- If it trades above the $65,500 and $65,000 levels, the pair may decline again.
The price of Bitcoin is starting to go down again
Bitcoin price failed to extend its growth from the $68,500 zone. BTC started a new decline after settling above the $68,000 support zone.
Bears pushed the price down from $67,500 and $67,200. Furthermore, on the hourly chart of the BTC/USD pair, there was a break below the main uptrend line with support at $68,900. Finally, the price tested the $65,500 zone. A low was formed at $65,646 and the price is now consolidating losses.
Bitcoin is currently trading above $68,000 and above the 100 hourly simple moving average. If the price remains stable above $65,500, it may attempt a new rally. Immediate resistance is near the $67,000 level. The first key resistance is near the $67,600 level and the 23.6% Fib retracement level on the move down from $74,062 to $65,646.
A close to the $67,600 resistance could push the price even higher. In the mentioned case, the price may rise and test the $68,800 resistance. Any further gains could send the price towards the $68,800 level. The next hurdle for the bulls could be $69,850 or the 50% Fib retracement level on a move down from $74,062 to $65,646.
More in BTC?
If Bitcoin fails to break above the $68,000 resistance zone, it may start another decline. Immediate support is near the $65,500 level. The first major support is near the $65,000 level.
The next support is now near the $63,500 area. Any further losses could send the price towards the $62,000 support in the near term. Key support is now at $61,200, 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 below the 50 level.
The main support level is $65,500, followed by $65,000.
Key resistance levels – $68,000 and $68,800.
