Bitcoin worth did not get better above the $68,000 resistance zone. BTC is sliding and would possibly decline once more towards the $62,000 help zone.
- Bitcoin worth began a good enhance however struggled close to the $68,000 zone.
- The worth is buying and selling beneath $66,000 and the 100 hourly Simple transferring common.
- There is a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair should clear the $66,200 resistance zone to begin a recent enhance.
Bitcoin Price Faces Hurdles
Bitcoin worth tried a good recovery wave above the $65,000 resistance zone. BTC climbed above the $66,000 and $67,000 ranges. However, the bears had been energetic close to the $68,000 stage.
A excessive was shaped at $68,137 and the worth is now transferring decrease. There was a break beneath the $66,000 help stage. The worth declined beneath the 23.6% Fib retracement stage of the restoration wave from the $60,778 swing low to the $68,137 excessive.
Bitcoin is now buying and selling beneath $66,000 and the 100 hourly Simple moving average. The bulls at the moment are attempting to guard the 50% Fib retracement stage of the restoration wave from the $60,778 swing low to the $68,137 excessive at $64,500.
Immediate resistance is close to the $66,000 stage. There can be a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair. The first main resistance may very well be $67,000.
Source: BTCUSD on TradingView.com
If there’s a clear transfer above the $67,000 resistance zone, the worth may proceed to achieve power. In the acknowledged case, the worth may even clear the $68,000 resistance zone within the close to time period. The subsequent key resistance sits at $70,000.
More Losses In BTC?
If Bitcoin fails to rise above the $66,000 resistance zone, it may proceed to maneuver down. Immediate help on the draw back is close to the $64,500 stage.
The first main help is $63,500. The subsequent help sits at $62,000. If there’s a shut beneath $62,000, the worth may begin a drop towards the $61,200 stage. Any extra losses would possibly ship the worth towards the $60,500 help zone within the close to time period.
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 beneath the 60 stage.
Major Support Levels – $64,500, adopted by $63,500.
Major Resistance Levels – $66,000, $67,000, and $68,000.
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