Bitcoin is currently correcting losses after a decline from the $67,500 zone, exhibiting potential for a recovery that might soon push it above the $70,000 resistance level. Initially, Bitcoin experienced a fresh decline originating from the $72,500 zone, trading below $70,500 and the 100-hourly Simple Moving Average. Recently, however, there was a break above a connecting bearish trend line with resistance at $68,300 on the hourly chart of the BTC/USD pair, suggesting a possible gain in bullish momentum if the price can settle above the $70,000 resistance zone.
The recent price movements show that Bitcoin failed to reach a new all-time high, leading to a decline below the $72,500 zone, plummeting past the $71,500 and $70,000 support levels. The cryptocurrency’s price continued its descent below $68,500, reaching a low at $67,483 before it began to recover. It then moved above the $68,500 resistance, surpassing the 23.6% Fibonacci retracement level calculated from the swing high of $73,576 to the recent low of $67,483.
There was a positive break above a bearish trend line with resistance around $68,300, which has allowed Bitcoin to trade just below the $70,000 mark and the 100-hourly Simple Moving Average. Resistance on the upside appears near the $69,500 level, aligning closely with the 50% Fibonacci retracement level of the recent decline. The first significant resistance, however, is situated around the $70,000 level. A decisive move above this resistance could propel Bitcoin higher, with the next critical resistance level around $71,200. Should Bitcoin close above this zone, further gains are expected, potentially testing the $72,500 resistance level and aiming for $73,200 if the bullish trend continues.
Conversely, if Bitcoin fails to break through the $70,000 resistance zone, it risks entering another decline. Immediate support on the downside is near the $68,000 level, with major support around $67,500 and $67,200. Any further losses could see the price drop towards the $66,500 support level in the short term.
Technical indicators currently show the hourly MACD losing pace in the bearish zone, while the hourly RSI (Relative Strength Index) now stands above the 50 level, indicating a possible shift toward a bullish trend. Bitcoin’s major support levels are marked at $68,000 and $67,500, with major resistance levels at $69,500 and $70,000.
