Bitcoin price started a decent rally at $68,500 but failed at $70,000. BTC is now consolidating and could aim to make more gains above $68,800.
- Bitcoin started a new rally after breaking above the $68,000 support.
- The price is trading above $68,000 and 100 simple moving averages per hour.
- On the hourly chart of the BTC/USD pair, a contract triangle is forming with resistance at $68,400 (data from Kraken).
- If it trades above the $67,000 and $66,550 levels, the pair may decline again.
Bitcoin price has dropped below $70,000
Bitcoin price managed to make a base above the $66,500 zone. BTC started a new rally and managed to break through the $67,400 resistance zone.
The price even rose above the $68,800 resistance. Finally, the bears appeared near $70,000. A high was formed at $70,100 and the price has recently corrected some gains. A move below $68,000 was made and the price tested the 50% Fib retracement level from $63,030 to $70,100.
Bitcoin is currently trading above $68,000 and above the 100 hourly simple moving average. If the price remains stable above $67,400, it may attempt a new rally. Immediate resistance is near the $68,500 level. A contract triangle is forming with resistance at $68,400 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $69,550 level. A close above the $69,550 resistance could push the price even higher. In the mentioned case, the price may increase and test the resistance of $70,000. Any further gains could send the price towards the $70,500 level. The next hurdle for the bulls could be $70,850 and $71,200.
Breakout in BTC?
If Bitcoin fails to break above the $68,800 resistance zone, it may start another decline. Immediate support is near the $67,400 level. The first major support is near the $66,550 level.
The next support is now near the $65,000 area. Any further losses could send the price to the $64,700 support in the near future. Key support is now at $63,000, below which BTC may recover in the near term.
Technical indicators:
Hourly MACD – MACD is now losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
The main support level is $67,400, followed by $66,550.
The main resistance levels are $68,800 and $70,000.
