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Bitcoin worth continues to be struggling to settle above the $68,000 resistance. BTC is now consolidating and may drop once more towards the $63,500 assist.

• Bitcoin worth is struggling to clear the $68,000 and $68,500 ranges.
• The worth is buying and selling above $66,000 and the 100 hourly Simple transferring common.
• There is a key rising channel forming with resistance close to $68,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair might begin one other decline and commerce towards $63,500 assist zone.

Bitcoin Price Faces Hurdles

Bitcoin worth recovered most losses and settled above the $65,000 degree. However, BTC appears to be struggling to clear the $68,000 and $68,500 ranges, in contrast to Ethereum.

The latest excessive was shaped at $68,034 and the worth is now consolidating features. It is buying and selling above the 23.6% Fib retracement degree of the upward wave from the $59,150 swing low to the $68,034 excessive. There can also be a key rising channel forming with resistance close to $68,200 on the hourly chart of the BTC/USD pair.

Bitcoin continues to be buying and selling above $66,000 and the 100 hourly Simple moving average. Immediate resistance is close to the $67,500 degree. The subsequent key resistance may very well be $68,000, above which the worth might rise towards the $68,500 resistance zone.

Source: BTCUSD on TradingView.com

If there’s a clear transfer above the $68,500 resistance zone, the worth might even try a transfer above the $69,200 resistance zone. Any extra features may ship the worth towards the $70,000 degree.

Another Decline In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it might begin one other draw back correction. Immediate assist on the draw back is close to the $66,550 degree and the channel pattern line.

The first main assist is $66,000. If there’s a shut beneath $66,000, the worth might begin a good pullback towards the 50% Fib retracement degree of the upward wave from the $59,150 swing low to the $68,034 excessive at $63,500. 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 – $66,550, adopted by $66,000.

Major Resistance Levels – $67,500, $68,000, and $68,500.

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