The price of Bitcoin has surpassed the $69,200 resistance level and is currently undergoing a correction, trading near the $67,500 pivot point.
- Bitcoin encountered difficulty testing the $70,000 resistance zone and has seen some corrections.
- The price remains below $68,500 and the 100 hourly Simple Moving Average.
- There was a breakdown below the critical contracting triangle, with support at $68,500 according to the hourly chart for the BTC/USD pair (data from Kraken).
- Should the pair close below the $66,500 level, it may initiate a new downward trend.
Bitcoin Price Retreats to Support
The Bitcoin price remains supported above the $66,500 level. BTC initiated a minor rally crossing the $68,500 resistance, allowing bulls to push through the $69,200 barrier.
However, the $70,000 resistance zone was not tested. A peak was recorded near $69,428, and the price is currently correcting. A slight decline has occurred below the $68,000 level, with a break below the contracting triangle and support at $68,500 on the hourly BTC/USD chart.
The pair has tested the $66,500 support and is presently consolidating above the 23.6% Fibonacci retracement level of the downward movement from the $69,428 swing high to the $66,564 low.
Currently, Bitcoin is trading below $68,500 and the 100 hourly Simple Moving Average. On the upside, resistance may be encountered near the $68,000 level or the 50% Fibonacci retracement level from the recent swing high to low.
The primary resistance is around the $68,750 level. A decisive move past this resistance could lead to further price increases. The next significant resistance could be at $69,200. A close above this level might fuel additional gains, potentially allowing the price to reach the $70,000 resistance level. Subsequent gains could push the price toward the $70,500 resistance level.
Further Declines for BTC?
If Bitcoin does not rise above the $68,000 resistance zone, it may experience another decline. Immediate downside support is around the $67,000 level.
The first major support is located near the $66,800 level, with the next support now at the $66,500 zone. Any additional losses might see the price dip to the $65,500 support level in the short term.
Technical indicators:
Hourly MACD – The MACD indicator is currently losing momentum within the bullish territory.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 mark.
Major Support Levels – $66,800, followed by $66,500.
Major Resistance Levels – $68,000 and $68,500.
