Bitcoin Facing Resistance and Possible Decline
Bitcoin has encountered challenges as it tries to break above the $68,500 resistance level, resulting in bearish trends that pushed the price below $67,200. As a result, BTC is currently struggling to maintain its position above $68,000 and the 100 hourly Simple Moving Average. There is a formation of a bearish trend line with resistance around $67,150 on the hourly BTC/USD chart, indicating potential hurdles for further price increases.
- The price tested a low of $66,244 and is now consolidating losses below the 23.6% Fib retracement level of the recent downward movement from the $69,970 high to the $66,244 low.
- Bitcoin is facing challenges in surpassing the $67,150 resistance level, with a potential bearish trend line forming on the hourly chart.
- Next major resistance levels to watch include $68,000, $68,500, and potentially higher levels if there is a clear break above the current resistance.
Potential for Further Bitcoin Decline
If Bitcoin fails to break above the $67,150 resistance level, it risks facing another decline in the near term. Immediate support is around $66,250, with possible further support levels at $66,000 and $65,000 if the price continues to drop. Technical indicators such as MACD and RSI suggest a bearish trend in the short term.
- Immediate support levels for Bitcoin are seen at $67,000 and $66,000.
- Key resistance levels to monitor include $68,550 and $69,200, which could act as barriers for further price increases.
Conclusion
Bitcoin is currently facing resistance at the $67,150 level, with a bearish trend line forming on the hourly chart. While there is potential for a recovery towards $68,000 and beyond, the price may encounter hurdles along the way. Traders should be cautious of further declines if Bitcoin fails to break above key resistance levels.