Bitcoin Price Rebounds, But Weak Momentum Caps Further Gains

Bitcoin price started a recovery wave above $67,000. BTC is now consolidating below $68,500 and might struggle to continue higher.

• Bitcoin started a recovery wave above $67,000 and $67,500.
• The price is trading above $67,500 and the 100 hourly simple moving average.
• There was a break above a bearish trend line with resistance at $67,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might start another decline if it stays below the $68,500 and $68,800 levels.

Bitcoin price extended losses and tested the $65,000 zone. BTC formed a base above $65,000 and recently started an upside correction above $66,000.

The price climbed above the $67,000 resistance zone. There was a break above a bearish trend line with resistance at $67,350 on the hourly chart of the BTC/USD pair. The bulls even cleared the 38.2% Fib retracement level of the downward move from the $71,985 swing high to the $65,030 low.

Bitcoin is now trading above $67,500 and the 100 hourly simple moving average. If the price remains stable above $67,200, it could attempt a fresh increase. Immediate resistance is near the $68,500 level or the 50% Fib retracement level of the downward move from the $71,985 swing high to the $65,030 low.

The first key resistance is near the $68,800 level. A close above the $68,800 resistance might send the price further higher. In the stated case, the price could rise and test the $69,250 resistance. Any more gains might send the price toward the $69,500 level. The next barrier for the bulls could be $70,000.

If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support is near the $67,200 level. The first major support is near the $67,000 level.

The next support is now near the $66,200 zone. Any more losses might send the price toward the $65,500 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 losing pace in the bearish zone.

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

Major Support Levels – $67,000, followed by $65,000.

Major Resistance Levels – $68,500 and $68,800.