Bitcoin Price Holds The Line, But Can Bulls Force A Break Higher?

Bitcoin value corrected good points and examined the $67,500 help. BTC is now recovering and may intention for an upside break above $69,500.

• Bitcoin is recovering losses and transferring larger above $68,500.
• The value is buying and selling above $68,800 and the 100 hourly easy transferring common.
• There’s a declining channel forming with resistance at $69,550 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may dip once more if it trades beneath the $68,000 and $67,400 ranges.

Bitcoin Value Faces Resistance

Bitcoin value failed to stay secure above the $70,000 zone. BTC began a recent decline and traded beneath the $69,000 help zone. There was a push beneath $68,000.

The value dipped beneath the 50% Fib retracement stage of the upward transfer from the $65,072 swing low to the $70,935 excessive. Nevertheless, the bulls remained lively close to the $67,400 zone. The value is once more transferring larger and gaining tempo above $68,500.

Bitcoin is now buying and selling above $68,800 and the 100 hourly easy transferring common. If the worth stays secure above $68,200, it might try a recent improve. Quick resistance is close to the $69,500 stage. There’s additionally a declining channel forming with resistance at $69,550 on the hourly chart of the BTC/USD pair.

The primary key resistance is close to the $70,500 stage. An in depth above the $70,500 resistance may ship the worth additional larger. Within the acknowledged case, the worth might rise and take a look at the $71,200 resistance. Any extra good points may ship the worth towards the $72,000 stage. The subsequent barrier for the bulls may very well be $72,200 and $72,500.

One other Decline In BTC?

If Bitcoin fails to rise above the $69,500 resistance zone, it might begin one other decline. Quick help is close to the $68,000 stage. The primary main help is close to the $67,400 stage or the 61.8% Fib retracement stage of the upward transfer from the $65,072 swing low to the $70,935 excessive.

The subsequent help is now close to the $67,000 zone. Any extra losses may ship the worth towards the $66,000 help within the close to time period. The primary help now sits at $65,000, beneath which BTC may battle to get better within the close to time period.

Technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now above the 50 stage.

Main Help Ranges – $68,000, adopted by $67,400.

Main Resistance Ranges – $69,500 and $70,000.