Bitcoin price is attempting a recovery wave above the $66,500 resistance. BTC needs to clear the $70,000 resistance level for it to continue rising in the short term.
- Bitcoin is facing a number of hurdles around the $69,500 and $70,000 levels.
- The price is trading above $67,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), it broke above the major bearish trendline with resistance at $66,350.
- If it breaks above the $67,000 support zone, the pair could start a further move higher.
Eyes on Bitcoin price recovery
Bitcoin price found support near the $64,500 zone and a wave of recovery began. BTC has managed to rise above the $66,500 and $67,000 resistance levels and enter a short-term positive zone.
On the hourly chart of the BTC/USD pair, the pair broke above the major bearish trend line with resistance at $66,350. The pair soared above the $69,000 zone. A high was formed at $69,354 and the price is currently consolidating its upside.
It traded below the 23.6% Fib retracement level of the bull market from a swing low of $64,572 to a high of $69,352. Bitcoin is currently trading above $67,000 and its 100-hour simple moving average.
Immediate resistance is near the $68,250 level. The first major resistance level could be at $69,350. The main resistance level currently lies at $70,000. A clear move above the $70,000 resistance zone could cause the price to start a new upward move. In the above case, the price could rise towards he $71,200.
Source: BTCUSD on TradingView.com
The next major resistance level is near the $72,000 zone. Any further rally could send Bitcoin heading towards the $73,500 resistance zone in the near term.
Will BTC fall again?
If Bitcoin fails to rise above the $69,350 resistance zone, further decline could begin. 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 swing low of $64,572 to the high of $69,352. The next support is $66,400. If the closing price falls below $66,400, the price may start to fall towards the $65,500 level. Any further losses could send the price towards the $64,500 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining towards the 50 level.
Major support level – $67,200, then $67,000.
Key resistance levels – $69,350, $70,000, $71,200.
