Bitcoin Struggles to Break Resistance and Start a Fresh Increase
The price of Bitcoin is facing challenges in its attempt to surpass the $68,000 resistance zone and initiate a new rally. Currently, Bitcoin is trading below $68,000 and the 100 hourly Simple Moving Average (SMA). The BTC/USD pair is forming a bearish trend line with resistance at $67,800 on the hourly chart.
Bitcoin’s Attempt to Rise Above $65,500 Falls Short
In an effort to break through the $65,500 resistance level, Bitcoin managed to climb above $67,200 and $68,000. However, the bears took control near the $69,000 zone. As a result, Bitcoin’s price experienced a decline after reaching a high of $68,898.
The price dropped below the $67,500 support zone and even fell below the 50% Fibonacci retracement level of the recovery wave from the swing low of $64,555 to the high of $68,898.
Bitcoin is currently trading below both the $68,000 level and the 100 hourly SMA. It is testing the 76.4% Fibonacci retracement level of the recovery wave from the swing low of $64,555 to the high of $68,898.
Bearish Trend Line and Resistance Levels
A bearish trend line is forming on the hourly chart of the BTC/USD pair. This trend line has resistance at $67,800. Additionally, there is immediate resistance near the $66,750 level. The next significant resistance could be either at $67,800 or at the trend line.
If Bitcoin manages to break above this resistance zone and surpasses the trend line, it could rise towards the $68,800 resistance zone.
Potential for a Bullish Rally
If Bitcoin successfully clears the $68,800 resistance zone, it might attempt to break through the $70,000 resistance zone. Further gains could potentially lead the price towards the $71,200 level.
Downside Potential and Support Levels
However, if Bitcoin fails to surpass the $67,800 resistance zone, it could experience another decline. The immediate support on the downside is near the $65,550 level. The first major support level is at $65,000, followed by a main support at $64,500.
A close below the $64,500 level may trigger a drop towards the $63,500 level. Any further losses could potentially push the price towards the $62,000 support zone.
Technical Indicators
- Hourly MACD: The MACD is currently gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is currently below the 50 level.
Conclusion: Bitcoin Faces Resistance but May Gain Bullish Momentum
Bitcoin’s price is currently struggling to break through the $68,000 resistance zone and the 100 hourly SMA. However, if it manages to surpass these levels and clear the bearish trend line at $67,800, there is potential for a bullish rally towards higher resistance levels.
On the other hand, if Bitcoin fails to rise above the resistance zone and falls below key support levels such as $65,550 and $64,500, it may experience further losses.
Hot Take: Bitcoin’s Battle with Resistance
Bitcoin is currently facing a significant challenge in its attempt to overcome the $68,000 resistance zone. Bulls and bears are engaged in a battle for control, with the outcome determining the future direction of Bitcoin’s price.
As a crypto investor, it is important to closely monitor the price movements and key support and resistance levels. By doing so, you can make informed decisions and take advantage of potential opportunities for profit.
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