31 May 2024
Bitcoin price started a recovery wave from the $67,000 zone. BTC is now struggling to clear the $68,800 and $69,500 resistance levels.
Bitcoin remained stable above the $67,000 zone and recovered higher.
The price is trading above $68,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $67,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it settles above the $68,800 level.
Bitcoin Price Faces Resistance
Bitcoin price extended its downside correction below the $68,000 level. BTC tested the $67,000 zone and recently started a recovery wave. The price traded as low as $67,099 before it climbed back above $68,000.
There was a break above a key bearish trend line with resistance at $67,800 on the hourly chart of the BTC/USD pair. The pair climbed above the $68,500 and $69,000 levels. However, it faced resistance near the $69,500 level. A high was formed at $69,548 before the upside faded.
There was a drop below the $69,000 level. The price declined below the 50% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high.
However, the bulls were active near $68,000 and the 61.8% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high. Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average.
On the upside, the price is facing resistance near the $68,500 level. The first major resistance could be $68,850. The next key resistance could be $69,500. A clear move above the $69,500 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 resistance. Any more gains might send BTC toward the $72,600 resistance.
More Losses In BTC?
If Bitcoin fails to climb above the $68,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,000 level.
The first major support is $67,400. The next support is now forming near $67,000. Any more losses might send the price toward the $66,250 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $68,000, followed by $67,000.
Major Resistance Levels – $68,800, and $69,500.