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Bitcoin Price Holds The Line, But Can Bulls Force A Break Higher?

Bitcoin worth corrected beneficial properties and examined the $67,500 assist. BTC is now recovering and would possibly goal for an upside break above $69,500.

  • Bitcoin is recovering losses and transferring larger above $68,500.
  • The worth is buying and selling above $68,800 and the 100 hourly easy transferring common.
  • There is a declining channel forming with resistance at $69,550 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair would possibly dip once more if it trades beneath the $68,000 and $67,400 ranges.

Bitcoin Price Faces Resistance

Bitcoin worth failed to stay steady above the $70,000 zone. BTC began a contemporary decline and traded beneath the $69,000 support zone. There was a push beneath $68,000.

The worth dipped beneath the 50% Fib retracement stage of the upward transfer from the $65,072 swing low to the $70,935 high. However, the bulls remained lively close to the $67,400 zone. The worth is once more transferring larger and gaining tempo above $68,500.

Bitcoin is now buying and selling above $68,800 and the 100 hourly simple moving average. If the worth stays steady above $68,200, it may try a contemporary enhance. Immediate resistance is close to the $69,500 stage. There can be a declining channel forming with resistance at $69,550 on the hourly chart of the BTC/USD pair.

The first key resistance is close to the $70,500 stage. A shut above the $70,500 resistance would possibly ship the worth additional larger. In the acknowledged case, the worth may rise and check the $71,200 resistance. Any extra beneficial properties would possibly ship the worth towards the $72,000 stage. The subsequent barrier for the bulls may very well be $72,200 and $72,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $69,500 resistance zone, it may begin one other decline. Immediate assist is close to the $68,000 stage. The first main assist is close to the $67,400 stage or the 61.8% Fib retracement stage of the upward transfer from the $65,072 swing low to the $70,935 high.

The subsequent assist is now close to the $67,000 zone. Any extra losses would possibly ship the worth towards the $66,000 assist within the close to time period. The primary assist now sits at $65,000, beneath which BTC would possibly wrestle to get better within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 stage.

Major Support Levels – $68,000, adopted by $67,400.

Major Resistance Levels – $69,500 and $70,000.

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