Bitcoin price recently experienced a downtrend below the $67,500 support zone, with BTC testing the $66,000 support level before attempting a recovery wave. The cryptocurrency started a decline below the $68,500 support zone and is currently trading below $68,000 and the 100 hourly Simple moving average. A bearish trend line is forming with resistance at $68,650 on the hourly chart of the BTC/USD pair, suggesting that any potential recovery might face limitations above the $68,500 level.
Following the failure to break above the $68,500 resistance zone, Bitcoin price saw a downtrend, dropping below $67,500 and $67,000 levels and testing the $66,000 zone. The current consolidation phase is above the 23.6% Fib retracement level of the downward move from the $70,143 swing high to the $66,059 low. With resistance near the $67,600 level, the key levels to watch for potential upside are $68,000 and $68,500, where a bearish trend line and the 100 hourly Simple moving average converge as resistance levels.
A decisive move above the $68,500 resistance could signal a higher trajectory for Bitcoin, with potential gains pushing the price toward the $69,000 and $70,200 resistance levels in the near term. However, if the cryptocurrency fails to break above the $68,500 resistance, another decline could occur, with immediate support levels near $66,700 and $66,200, followed by $66,000. Further losses might lead the price toward the $65,500 support zone in the short term.
On the technical side, the hourly MACD is currently in the bearish zone, while the hourly RSI for BTC/USD is below the 50 level, indicating a bearish sentiment. The major support levels to watch are $66,700 and $66,000, with resistance levels at $68,000 and $68,500. Traders and investors will be closely monitoring these levels and technical indicators to gauge the future direction of Bitcoin price amidst the current market volatility and uncertainty.
In conclusion, Bitcoin price faced a period of decline below key support levels, testing the $66,000 zone before attempting a recovery wave. The cryptocurrency is currently trading below $68,000 and faces resistance levels at $68,000 and $68,500, with a bearish trend line forming on the hourly chart. Any decisive move above the $68,500 resistance could pave the way for potential gains toward $69,000 and $70,200, while a failure to break above this level might result in further losses towards the $65,500 support zone. Traders should closely monitor the technical indicators and key support and resistance levels to make informed decisions in the volatile cryptocurrency market.
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