Bitcoin price is correcting losses from the $67,500 area. BTC is recovering and may soon aim to move above the $70,000 resistance area.
- Bitcoin started a new decline from the $72,500 area.
- The price is trading below $70,500 and the 100 hourly simple moving average.
- There was a break above the connecting downtrend line with resistance at $68,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain upward pace if it settles above the $70,000 resistance area.
Bitcoin price aims to recover
Bitcoin price failed to trade to a new all-time high and started a new decline below the $72,500 area. There was a move below the $71,500 and $70,000 support levels.
The price even fell below $68,500 and tested $67,500. A bottom was formed at $67,483 and the price is now trying to recover. There was a move above the $68,500 resistance level. The price crossed the 23.6% Fibonacci retracement level of the downward move from the high of $73,576 to the low of $67,483.
There was a break above the connecting downtrend line with resistance at $68,300 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $70,000 and the 100 hourly simple moving average.
On the upside, the price may face resistance near the $69,500 level. It is close to the 50% Fib retracement level of the downward move from the high of $73,576 to the low of $67,483. The first major resistance is near the $70,000 level. A clear move above the $70,000 resistance level could send the price higher. The next major resistance could be $71,200.
A close above the $71,200 resistance could lead to further gains. In the mentioned case, the price may rise and test the $72,500 resistance level. Any further gains may push the price towards the $73,200 resistance level.
Another drop in BTC?
If Bitcoin fails to rise above the $70,000 resistance area, it could start another decline. Immediate support on the downside is near the $68,000 level.
The first major support is near the $67,500 level. The next support now lies near the $67,200 area. Any further losses could send the price towards the $66,500 support level in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Key Support Levels – $68,000, followed by $67,500.
Major resistance levels – $69,500 and $70,000.
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