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Bitcoin price extended gains above the $69,200 resistance zone. BTC is now correcting gains and trading near the $67,500 pivot level.
Bitcoin struggled to test the $70,000 resistance zone and corrected some gains. The price is trading below $68,500 and the 100 hourly Simple moving average. There was a break below key contracting triangle with support at $68,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh increase unless there is a close below the $66,500 zone.
Bitcoin Price Dips To Support
Bitcoin price remained supported above the $66,500 zone. BTC started another minor increase above the $68,500 resistance zone. The bulls were able to clear the $69,200 barrier.
However, there was no test of the $70,000 resistance zone. A high was formed near $69,428 and the price is now correcting gains. There was a minor decline below the $68,000 level. There was a break below key contracting triangle with support at $68,500 on the hourly chart of the BTC/USD pair.
The pair tested the $66,500 support. It is now consolidating above the 23.6% Fib retracement level of the downward move from the $69,428 swing high to the $66,564 low.
Bitcoin price is now trading below $68,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $68,000 level or the 50% Fib retracement level of the downward move from the $69,428 swing high to the $66,564 low.
The first key resistance is near the $68,750 level. A clear move above the $68,750 resistance might send the price higher. The next key resistance could be $69,200. A close above the $69,200 resistance might initiate more gains. In the stated case, the price could rise and test the $70,000 resistance level. Any more gains might send the price toward the $70,500 resistance level.
More Losses In BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,000 level.
The first major support is near the $66,800 level. The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $66,800, followed by $66,500.
Major Resistance Levels – $68,000, and $68,500.
Conclusion
Bitcoin’s price action remains volatile as it struggles to break above key resistance levels. The current correction phase could potentially lead to further losses if key support levels are breached.
Traders and investors should closely monitor the $68,000 resistance zone as a crucial level to watch for potential bullish momentum. On the downside, the $66,500 support level remains critical for preventing a deeper decline.
As the market continues to fluctuate, staying updated with the latest news and developments in the cryptocurrency space is essential. For more trending news articles like this, visit DeFi Daily News.
