The price of Bitcoin is correcting losses from the $67,500 area. BTC is recovering and may aim to move above the $70,000 resistance area.
- Bitcoin started a new low from the $72,500 area.
- The price is trading below $70,500 and the hourly moving average is 100.
- There was a break above the bearish line connecting with resistance at $68,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can find bullish momentum if it stays above the $70,000 resistance area.
Bitcoin Price Aims to Recover
Bitcoin price failed to break new ground all the time and started a new low below the $72,500 area. There was a move below the $71,500 and $70,000 support levels.
The price dropped again below $68,500 and was assessed at $67,500. A low was formed at $67,483 and the price is now trying to recover. There was a move above the $68,500 resistance. The price crossed the 23.6% Fib retracement level to the downside from the $73,576 swing high to the $67,483 low.
There was a break above the bearish line connecting against $68,300 on the hourly chart of the BTC/USD pair. The price of Bitcoin is now trading below $70,000 with a moving average of 100 per hour.
On the other hand, the price could face resistance near the $69,500 level. It is near the 50% Fib retracement level of the downside from the $73,576 swing high to the $67,483 low. The first key resistance is near the $70,000 level. A clear move above the $70,000 resistance could send the price higher. The next key resistance would be $71,200.
A close above the $71,200 resistance could trigger further gains. In the mentioned case, the price can rise and test the resistance level of $72,500. Any further gains could send the price to the resistance level of $73,200.
Another Decline in BTC?
If Bitcoin fails to rise above the $70,000 resistance area, it could start another decline. Immediate support on the downside is near the $68,000 level.
The first major support is near the $67,500 level. The next support is now near the $67,200 area. Another loss could send the price to the $66,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in bearish territory.
Hourly RSI (Relative Strength Index) – RSI for BTC/USD is now above the 50 level.
Major Support Levels – $68,000, followed by $67,500.
Large Objection Levels – $69,500, and $70,000.
Source link