Bitcoin has recently experienced a decline below the $68,000 level, with the price slowly moving towards the $66,250 support zone. Despite attempts to recover, the price remains below $68,500 and the 100 hourly Simple moving average. There is a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair.
As Bitcoin continues to face resistance near the $68,000 level, the price may struggle to climb higher. Immediate support on the downside is near the $67,250 level, followed by major support at $67,000. If the price fails to break above the $68,000 resistance zone, it could potentially continue moving lower towards $66,250. Further losses may lead to a drop to the $65,000 support zone in the near term.
Technical Indicators
The MACD is currently losing pace in the bearish zone, indicating a potential downward trend for Bitcoin. However, the RSI for BTC/USD is above the 50 level, suggesting some level of strength in the market. Major support levels to watch include $67,100 and $66,250, while major resistance levels stand at $68,000 and $68,800.
In the scenario that Bitcoin manages to surpass the $69,250 resistance level, the price could see a significant uptick. A clear move above this level might send Bitcoin towards the $70,000 resistance, with further gains potentially leading to a test of the $72,600 resistance. However, if Bitcoin fails to break above the $68,000 resistance zone, the price may continue its downward trajectory.
The future of Bitcoin price remains uncertain as it navigates key support and resistance levels. Traders and investors should closely monitor the market indicators and technical analysis to make informed decisions. The potential for both upward and downward movements in the short term highlights the volatility of the cryptocurrency market.
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