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Bitcoin Price Reclaims Ground, Can Bulls Flip Market Momentum?

Bitcoin value began a restoration wave from the $65,500 zone. BTC is now consolidating and may purpose for extra features above $69,500.

  • Bitcoin began a good restoration wave above the $67,500 zone.
  • The value is buying and selling above $68,000 and the 100 hourly easy shifting common.
  • There is a key bearish development line forming with resistance at $69,250 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair may dip once more if it trades beneath the $68,500 and $68,000 ranges.

Bitcoin Price Starts Recovery Wave

Bitcoin value prolonged its decline and traded beneath the $66,500 stage. BTC examined the $65,500 assist zone earlier than the bulls emerged. A low was fashioned at $65,646, and the worth just lately began a recovery wave.

The value climbed above the $67,200 and $67,500 resistance ranges. The bulls pushed the worth above the 23.6% Fib retracement stage of the downward transfer from the $74,062 swing high to the $65,646 low. However, the bears are nonetheless lively beneath $70,000.

There can also be a key bearish development line forming with resistance at $69,250 on the hourly chart of the BTC/USD pair. Bitcoin is now buying and selling above $68,500 and the 100 hourly easy shifting common.

If the worth stays steady above $67,500, it may try a fresh increase. Immediate resistance is close to the $69,250 stage. The first key resistance is close to the $69,600 stage and the 50% Fib retracement stage of the downward transfer from the $74,062 swing high to the $65,646 low.

A detailed above the $69,600 resistance may ship the worth additional greater. In the acknowledged case, the worth may rise and check the $70,500 resistance. Any extra features may ship the worth towards the $72,000 stage. The subsequent barrier for the bulls may very well be $72,650.

Another Decline In BTC?

If Bitcoin fails to rise above the $69,250 resistance zone, it may begin one other decline. Immediate assist is close to the $68,500 stage. The first main assist is close to the $68,000 stage.

The subsequent assist is now close to the $67,500 zone. Any extra losses may ship the worth towards the $66,650 assist within the close to time period. The fundamental assist now sits at $65,500, beneath which BTC may battle to get well 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 $67,500.

Major Resistance Levels – $69,250 and $69,850.

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