Bitcoin Struggles to Break $70K Barrier
Despite finding support above $66,000 and making gains to clear $68,000 resistance, Bitcoin is facing challenges near the $69,500 and $70,000 levels. A recent high of $69,608 was established, prompting a correction in price action.
As the price retraced, it dipped below the 23.6% Fib level from its swing low of $66,250 to the peak of $69,608, testing support at $68,000. Bulls are now active around the 50% Fib retracement level, keeping the price above $69,500 and the 100-hourly Simple Moving Average.
Bulls Struggle to Push Beyond $69K
Despite the recent corrections, Bitcoin’s price might face resistance around $69,000, with a key bearish trend line forming at $69,100 on the hourly BTC/USD chart. The initial hurdle remains at $69,500, while the critical barrier is at $70,000.
A breakthrough above $70,000 could potentially propel the price towards $71,200 and beyond to test $72,000. However, failure to breach the $69,500 resistance might result in a downward continuation for Bitcoin.
In such a scenario, immediate support lies at $68,000, followed by major levels at $67,500 and $67,000. Further losses could drive the price towards the $65,500 support region in the short term.
Technical Analysis and Key Levels
Looking at the technical indicators, the hourly MACD is signaling a slowdown in bearish momentum, while the hourly RSI for BTC/USD has dropped below the 50 level. Key support levels to watch include $67,500 and $67,000, with significant resistance at $69,100 and $69,500.