Bitcoin is currently in the process of correcting its losses from the $67,500 zone. The cryptocurrency is showing signs of recovery and may soon attempt to push past the formidable $70,000 resistance mark. The digital asset saw a fresh decline from the $72,500 area, subsequently trading below $70,500 and the 100-hourly Simple Moving Average (SMA). Interestingly, there was a break above a connecting bearish trend line at the $68,300 resistance level on the hourly chart of the BTC/USD pair, suggesting a potential bullish shift.
The price of Bitcoin failed to maintain its climb towards a new all-time high, retreating below the $72,500 mark. This decline saw it fall further below key support levels at $71,500 and $70,000, eventually dipping beneath $68,500 and testing the $67,500 zone. A low was established at $67,483, from which Bitcoin is now attempting to bounce back.
There has been a notable upward movement past the $68,500 resistance, and the price has surpassed the 23.6% Fibonacci retracement level of the downturn from the $73,576 swing high to the $67,483 low. This recovery was bolstered by breaking through a bearish trend line at $68,300 on the hourly chart, although Bitcoin remains below $70,000 and the 100-hourly SMA.
On the upside, Bitcoin faces potential resistance at the $69,500 level, which is near the 50% Fibonacci retracement level of the previous downward move. The initial significant resistance lies at $70,000; a decisive move above this level could potentially set the stage for further gains. The next substantial resistance is anticipated at around $71,200, and surpassing this point might drive the price to test the $72,500 level. Should this momentum continue, Bitcoin could even aim for the $73,200 resistance.
However, if Bitcoin fails to overcome the $70,000 resistance zone, it could experience another decline. Immediate support on the downside is around the $68,000 mark, with a more substantial support level near $67,500. If the decline continues, the next support zone is at approximately $67,200, and a further drop could pull Bitcoin to the $66,500 support in the near term.
Technical indicators show that the hourly MACD is losing momentum in the bearish region, while the hourly RSI (Relative Strength Index) for BTC/USD has moved above the 50 level, indicating a potential bullish shift. Major support levels to watch include $68,000 and $67,500, with major resistance levels at $69,500 and $70,000.
