Bitcoin Recovers from Support Level
Bitcoin recently found support near $68,500 and has initiated a recovery wave from the lower levels. Despite trading below $70,000 and the 100 hourly Simple Moving Average, the leading cryptocurrency is showing signs of a potential upward movement. A key bullish trend line has formed with support at $69,500 on the BTC/USD hourly chart, indicating a possible bullish momentum in the near term.
Bitcoin Price Faces Resistance
After extending its decline below the $70,000 support zone, Bitcoin witnessed a dip below $69,500 before rebounding near $68,500. The recent low at $68,409 marked a turning point as the price is now striving to recover lost grounds. With a move above the $69,250 resistance level, Bitcoin has surpassed the 23.6% Fib retracement level of the previous downward move from $71,900 to $68,409.
- The price remains below $70,000 and the 100 hourly SMA.
- A key bullish trend line offers support at $69,500.
- The immediate resistance is near $70,000, followed by $70,150 and $70,550 levels.
- A clear break above $70,550 could pave the way for a test of $71,200 and $72,000 resistances.
Potential Decline In BTC?
If Bitcoin struggles to surpass the $70,150 resistance zone, it might encounter another downward trend. Immediate support lies at $69,500 and the bullish trend line, followed by major support at $69,150 and $68,500 levels. Further losses could lead to a test of the $67,500 support area in the short term.
- Hourly MACD indicates a slowdown in bearish momentum.
- Hourly RSI for BTC/USD is currently above the 50 level.
- Major support levels include $69,500 and $68,500.
- Key resistance levels are at $70,150 and $70,500.
Sources:
https://www.kraken.com/
https://www.coindesk.com/
Hot Take
Keep a close eye on Bitcoin’s price action around the $70,000 resistance level as it could determine the next major move for the leading cryptocurrency. Traders are advised to watch for a decisive break above $70,150 or a downturn below key support levels for potential trading opportunities in the coming sessions. Stay informed and take advantage of market fluctuations with a well-thought-out strategy.
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