Bitcoin ’s recent price movement has shown a modest extension above the $69,200 resistance level, but it appears to be correcting as it stabilizes around the $67,500 area. The cryptocurrency struggled to break through the critical $70,000 resistance zone, resulting in a slight downturn.
Currently, Bitcoin is trading beneath the $68,500 level, as well as below the 100-hour Simple Moving Average. It has also broken below a key contracting triangle, which had its support situated at $68,500, as observed in hourly charts related to the BTC/USD pair. Unless Bitcoin closes beneath the significant level of $66,500, it may still have the potential to initiate a renewed upward trend.
Despite a minor uptick above the $68,500 resistance level, Bitcoin has not yet tested the $70,000 resistance point. Following a peak at approximately $69,428, the price appears to be undergoing a corrective phase, marking a slight dip below the $68,000 level. It has recently tested the support at $66,500 and is currently consolidating above the 23.6% Fibonacci retracement level, derived from its latest swing high and low.
As it stands, Bitcoin is contending with resistance near the $68,000 level, following the downward movement from the recent high. The first notable resistance appears to be situated around $68,750; a decisive shift above this level could trigger further price increases. Should the price close above $69,200, it might pave the way for a potential test of the $70,000 level, with even more upward potential targeting $70,500.
If Bitcoin fails to overcome the $68,000 resistance, it risks entering a downward trajectory. Immediate support levels have been identified at $67,000, and more significant support is located close to $66,800 and $66,500. Any further declines could push the price toward the $65,500 support level in the near future. Observations from various technical indicators show the MACD weakening while the Relative Strength Index has dipped below the neutral 50 level, indicating a potential bearish sentiment.
