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

Bitcoin price corrected gains and tested the $67,500 support. BTC is now recovering and might aim for an upside break above $69,500.

• Bitcoin is recovering losses and moving higher above $68,500.
• The price is trading above $68,800 and the 100 hourly simple moving average.
• There is a declining channel forming with resistance at $69,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might dip again if it trades below the $68,000 and $67,400 levels.

Bitcoin price failed to remain stable above the $70,000 zone. BTC started a fresh decline and traded below the $69,000 support zone. There was a push below $68,000.

The price dipped below the 50% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. However, the bulls remained active near the $67,400 zone. The price is again moving higher and gaining pace above $68,500.

Bitcoin is now trading above $68,800 and the 100 hourly simple moving average. If the price remains stable above $68,200, it could attempt a fresh increase. Immediate resistance is near the $69,500 level. There is also a declining channel forming with resistance at $69,550 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $70,500 level. A close above the $70,500 resistance might send the price further higher. In the stated case, the price could rise and test the $71,200 resistance. Any more gains might send the price toward the $72,000 level. The next barrier for the bulls could be $72,200 and $72,500.

If Bitcoin fails to rise above the $69,500 resistance zone, it could start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,400 level or the 61.8% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high.

The next support is now near the $67,000 zone. Any more losses might send the price toward the $66,000 support in the near term. The main support now sits at $65,000, below which BTC might struggle to recover in the near term.

Technical indicators:

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

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

Major Support Levels – $68,000, followed by $67,400.

Major Resistance Levels – $69,500 and $70,000.