The price of Bitcoin started to rise well above the $68,800 zone. BTC is reducing gains and may revisit the $67,500 support level.
- Bitcoin found movement above $68,500 and $68,800.
- The selling price is above $68,000 with a 100 hour easy travel average.
- There is a strong trend line formed by the $67,500 support on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it stays below the $69,250 and $69,500 levels.
Bitcoin Price Limits Access
The price of Bitcoin was able to rise above the $68,000 resistance zone. BTC found movement above $68,500 and $68,800.
The price went up to more than $70,000 but it failed to stay in good condition. A high was made at $70,463, and the price began to correct downwards. There was a move below the 23.6% Fib retracement level of the up from the $65,688 swing low to the $70,463 high.
Bitcoin is now trading above $68,000 and 100 hour simple moving average. There is also a stable line formed by support at $67,500 on the BTC/USD hourly chart.
If the price remains stable above $67,500, it may test a new rally. The resistance is near the $69,350 level. The first important resistance is near the $69,800 level. A close above the $69,800 resistance could send the price higher. In the said case, the price could rise and test the resistance of $70,500. Any further gains could send the price to the $71,500 level. The next barrier for bulls could be $72,000.
Big Losses in BTC?
If Bitcoin fails to rise above the $69,350 resistance zone, it may start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,800 level.
The next support is now near the $67,500 zone or the 61.8% Fib retracement level of the move up from the $65,688 swing low to the $70,463 high. Any further damage could send the price to the $66,800 support soon. Major support now sits at $65,500, below which BTC may struggle to recover soon.
Technical specifications:
Hourly MACD – MACD is now moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI of BTC/USD is now below the 50 level.
Major Contributions – $68,000, followed by $67,500.
Large Objection Amounts – $69,350 and $70,500.
