Bitcoin value is struggling to settle above the $68,000 resistance. BTC is now consolidating and would possibly decline towards the $63,400 assist zone.
- Bitcoin value is struggling to achieve tempo for extra good points above the brand new all-time.
- The value is buying and selling above $65,000 and the 100 hourly Simple shifting common.
- There is a short-term bearish development line forming with resistance close to $67,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
- The pair might lengthen losses and revisit the $63,400 assist zone.
Bitcoin Price Faces Hurdles
Bitcoin value began a nasty decline from the new all-time high of $69,218. BTC crashed to $59,150 earlier than it trimmed losses. It climbed again above $65,000, however the bears are actually defending extra upsides above the $67,500 stage.
A excessive was shaped at $67,635 and the worth is now consolidating. It is buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $59,150 swing low to the $67,635 excessive.
Bitcoin continues to be buying and selling above $65,000 and the 100 hourly Simple moving average. Immediate resistance is close to the $67,000 stage. There can be a short-term bearish development line forming with resistance close to $67,000 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The subsequent key resistance could possibly be $68,000, above which the worth might rise towards the $69,200 resistance zone. If there’s a clear transfer above the $69,200 resistance zone, the worth might rise towards the $70,000 stage. Any extra good points would possibly ship the worth towards the $72,000 stage.
Another Decline In BTC?
If Bitcoin fails to rise above the $67,000 resistance zone, it might begin one other draw back correction. Immediate assist on the draw back is close to the $66,650 stage.
The first main assist is $65,000. If there’s a shut under $65,000, the worth might begin a good pullback towards the 50% Fib retracement stage of the upward transfer from the $59,150 swing low to the $67,635 excessive at $63,400. Any extra losses would possibly ship the worth towards the $62,500 assist 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 – $65,000, adopted by $63,400.
Major Resistance Levels – $67,000, $68,000, and $69,200.
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