Bitcoin worth remains to be struggling to settle above the $68,000 resistance. BTC is now consolidating and may drop once more towards the $63,500 help.
- Bitcoin worth is struggling to clear the $68,000 and $68,500 ranges.
- The worth is buying and selling above $66,000 and the 100 hourly Simple transferring common.
- There is a key rising channel forming with resistance close to $68,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair may begin one other decline and commerce towards $63,500 help zone.
Bitcoin Price Faces Hurdles
Bitcoin worth recovered most losses and settled above the $65,000 stage. However, BTC appears to be struggling to clear the $68,000 and $68,500 ranges, in contrast to Ethereum.
The current excessive was fashioned at $68,034 and the worth is now consolidating positive aspects. It is buying and selling above the 23.6% Fib retracement stage of the upward wave from the $59,150 swing low to the $68,034 excessive. There can also be a key rising channel forming with resistance close to $68,200 on the hourly chart of the BTC/USD pair.
Bitcoin remains to be buying and selling above $66,000 and the 100 hourly Simple moving average. Immediate resistance is close to the $67,500 stage. The subsequent key resistance may very well be $68,000, above which the worth may rise towards the $68,500 resistance zone.
Source: BTCUSD on TradingView.com
If there’s a clear transfer above the $68,500 resistance zone, the worth may even try a transfer above the $69,200 resistance zone. Any extra positive aspects may ship the worth towards the $70,000 stage.
Another Decline In BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it may begin one other draw back correction. Immediate help on the draw back is close to the $66,550 stage and the channel development line.
The first main help is $66,000. If there’s a shut under $66,000, the worth may begin an honest pullback towards the 50% Fib retracement stage of the upward wave from the $59,150 swing low to the $68,034 excessive at $63,500. Any extra losses may ship the worth towards the $62,500 help zone.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo within the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 stage.
Major Support Levels – $66,550, adopted by $66,000.
Major Resistance Levels – $67,500, $68,000, and $68,500.
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