Bitcoin Price Corrects Some Gains: A Pause Before the Next Move?

Bitcoin price extended gains above the $69,200 resistance zone. BTC is now correcting gains and trading near the $67,500 pivot level.

• Bitcoin struggled to test the $70,000 resistance zone and corrected some gains.
• The price is trading below $68,500 and the 100 hourly Simple moving average.
• There was a break below key contracting triangle with support at $68,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start a fresh increase unless there is a close below the $66,500 zone.

Bitcoin price remained supported above the $66,500 zone. BTC started another minor increase above the $68,500 resistance zone. The bulls were able to clear the $69,200 barrier.

However, there was no test of the $70,000 resistance zone. A high was formed near $69,428 and the price is now correcting gains. There was a minor decline below the $68,000 level. There was a break below key contracting triangle with support at $68,500 on the hourly chart of the BTC/USD pair.

The pair tested the $66,500 support. It is now consolidating above the 23.6% Fib retracement level of the downward move from the $69,428 swing high to the $66,564 low.

Bitcoin price is now trading below $68,500 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $68,000 level or the 50% Fib retracement level of the downward move from the $69,428 swing high to the $66,564 low.

The first key resistance is near the $68,750 level. A clear move above the $68,750 resistance might send the price higher. The next key resistance could be $69,200. A close above the $69,200 resistance might initiate more gains. In the stated case, the price could rise and test the $70,000 resistance level. Any more gains might send the price toward the $70,500 resistance level.

If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,000 level.

The first major support is near the $66,800 level. The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $66,800, followed by $66,500.

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