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Bitcoin worth is struggling to settle above the $68,000 resistance. BTC is now consolidating and may decline towards the $63,400 assist zone.

• Bitcoin worth is struggling to achieve tempo for extra positive aspects above the brand new all-time.
• The worth is buying and selling above $65,000 and the 100 hourly Simple transferring common.
• There is a short-term bearish pattern line forming with resistance close to $67,000 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might prolong losses and revisit the $63,400 assist zone.

Bitcoin Price Faces Hurdles

Bitcoin worth began a nasty decline from the new all-time high of $69,218. BTC crashed to $59,150 earlier than it trimmed losses. It climbed again above $65,000, however the bears at the moment are defending extra upsides above the $67,500 degree.

A excessive was shaped at $67,635 and the worth is now consolidating. It is buying and selling above the 23.6% Fib retracement degree of the upward transfer from the $59,150 swing low to the $67,635 excessive.

Bitcoin continues to be buying and selling above $65,000 and the 100 hourly Simple moving average. Immediate resistance is close to the $67,000 degree. There can be a short-term bearish pattern line forming with resistance close to $67,000 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com

The subsequent key resistance may very well be $68,000, above which the worth might rise towards the $69,200 resistance zone. If there’s a clear transfer above the $69,200 resistance zone, the worth might rise towards the $70,000 degree. Any extra positive aspects may ship the worth towards the $72,000 degree.

Another Decline In BTC?

If Bitcoin fails to rise above the $67,000 resistance zone, it might begin one other draw back correction. Immediate assist on the draw back is close to the $66,650 degree.

The first main assist is $65,000. If there’s a shut under $65,000, the worth might begin an honest pullback towards the 50% Fib retracement degree of the upward transfer from the $59,150 swing low to the $67,635 excessive at $63,400. Any extra losses may ship the worth towards the $62,500 assist zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now close to the 50 degree.

Major Support Levels – $65,000, adopted by $63,400.

Major Resistance Levels – $67,000, $68,000, and $69,200.

Disclaimer: The article is supplied for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You are suggested to conduct your individual analysis earlier than making any funding choices. Use data supplied on this web site totally at your individual danger.