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Bitcoin Price Attempts Comeback, but Technical Hurdles Challenge Bulls Ahead

Bitcoin worth failed to remain above $65,000 and dipped additional. BTC is now recovering losses from $62,500 and faces hurdles close to the $66,500 zone.

  • Bitcoin began a recent decline and traded under the $65,000 assist.
  • The worth is buying and selling under $66,500 and the 100 hourly easy shifting common.
  • There is a bearish development line forming with resistance at $66,600 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair would possibly dip once more if it trades under the $65,500 and $65,000 ranges.

Bitcoin Price Recovers Some Ground

Bitcoin worth failed to stay secure above the $66,000 zone. BTC began a fresh decline and traded under the $65,000 assist zone. There was a push under $64,000.

The worth even spiked under $63,000. A low was fashioned at $62,500, and the worth is now correcting some losses. There was a transfer above $65,000 and the 50% Fib retracement degree of the current decline from the $68,654 swing high to the $62,500 low.

Bitcoin is now buying and selling under $66,500 and the 100 hourly simple moving average. If the worth stays secure above $65,000, it may try a recent enhance. Immediate resistance is close to the $66,500 degree. There can be a bearish development line forming with resistance at $66,600 on the hourly chart of the BTC/USD pair.

The first key resistance is close to the $67,200 degree or the 76.4% Fib retracement degree of the current decline from the $68,654 swing high to the $62,500 low. A detailed above the $67,200 resistance would possibly ship the worth additional increased. In the acknowledged case, the worth may rise and take a look at the $68,000 resistance. Any extra good points would possibly ship the worth towards the $68,800 degree. The subsequent barrier for the bulls might be $69,200 and $69,500.

Another Decline In BTC?

If Bitcoin fails to rise above the $66,500 resistance zone, it may begin one other decline. Immediate assist is close to the $65,500 degree. The first main assist is close to the $65,000 degree.

The subsequent assist is now close to the $64,200 zone. Any extra losses would possibly ship the worth towards the $63,500 assist within the close to time period. The fundamental assist now sits at $62,500, under which BTC would possibly 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 degree.

Major Support Levels – $65,500, adopted by $65,000.

Major Resistance Levels – $66,500 and $67,200.

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