Bitcoin price is attempting a recovery wave above the $66,500 resistance. BTC must clear the $70,000 resistance to continue higher in the near term.
Bitcoin is facing many hurdles near the $69,500 and $70,000 levels.
The price is trading above $67,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $66,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase if it stays above the $67,000 support zone.
Bitcoin Price Eyes Recovery
Bitcoin price found support near the $64,500 zone and started a recovery wave. BTC was able to rise above the $66,500 and $67,000 resistance levels to move into a short-term positive zone.
There was a break above a key bearish trend line with resistance at $66,350 on the hourly chart of the BTC/USD pair. The pair even spiked above the $69,000 zone. A high was formed at $69,354 and the price is now consolidating gains.
It traded below the 23.6% Fib retracement level of the upward move from the $64,572 swing low to the $69,352 high. Bitcoin is now trading above $67,000 and the 100 hourly Simple moving average.
Immediate resistance is near the $68,250 level. The first major resistance could be $69,350. The main resistance now sits at $70,000. If there is a clear move above the $70,000 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward $71,200.
Source: BTCUSD on TradingView.com
The next major resistance is near the $72,000 zone. Any more gains might send Bitcoin toward the $73,500 resistance zone in the near term.
Another Decline In BTC?
If Bitcoin fails to rise above the $69,350 resistance zone, it could start another decline. Immediate support on the downside is near the $67,200 level.
The first major support is $67,000 or the 50% Fib retracement level of the upward move from the $64,572 swing low to the $69,352 high. The next support sits at $66,400. If there is a close below $66,400, the price could start a drop toward the $65,500 level. Any more losses might send the price toward the $64,500 support zone 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 declining toward the 50 level.
Major Support Levels – $67,200, followed by $67,000.
Major Resistance Levels – $69,350, $70,000, and $71,200.
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