Bitcoin price is still struggling to clear the $70,000 resistance. BTC is slowly moving lower and could soon fall towards the $67,000 support.
- Bitcoin price is struggling to clear the $69,500 and $70,000 levels.
- The price is above $68,000 and the 100 hourly simple moving average.
- A key bullish trend line is forming with support at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could move further lower and trade towards the $67,000 support zone.
Bitcoin price begins consolidation
Bitcoin price made another attempt to gain strength above the $69,000 level. BTC broke the $69,500 level, but the bears were active near the $70,000 resistance zone.
A high was formed at $69,981 and the price began a downward correction. There was a move below the $69,500 and $69,200 levels. The price fell below the 23.6% Fib retracement level of the upward wave from the swing low $65,200 to the high $69,981.
Bitcoin is now trading above $68,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support at $68,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward wave from the swing low at $65,200 to the high at $69,981.
The immediate resistance is near the $68,850 level. The next key resistance could be at $69,200, above which the price could rise towards the $69,500 resistance zone.
Source: BTCUSD on TradingView.com
If there is a clear move above the $69,500 resistance zone, the price might even attempt to rise above the $70,000 resistance zone. Further gains could push the price towards the $72,000 level.
More losses on BTC?
If Bitcoin fails to rise above the $68,850 resistance zone, another decline could occur. The immediate downside support is near the $68,000 level and the trend line.
The first major support is $67,000. If it closes below $67,000, the price could initiate a significant decline towards the $65,500 level. Any further losses could push the price towards the $64,400 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels – $68,000, followed by $67,000.
Major resistance levels – $68,850, $69,200 and $69,500.
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