Bitcoin Price Reclaims 100 SMA But Momentum Seems To Be Fading

Bitcoin value continues to be struggling to settle above the $68,000 resistance. BTC is now consolidating and may drop once more towards the $63,500 assist.

• Bitcoin value is struggling to clear the $68,000 and $68,500 ranges.
• The worth is buying and selling above $66,000 and the 100 hourly Easy transferring common.
• There’s a key rising channel forming with resistance close to $68,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
• The pair may begin one other decline and commerce towards $63,500 assist zone.

Bitcoin Worth Faces Hurdles

Bitcoin value recovered most losses and settled above the $65,000 stage. Nevertheless, BTC appears to be struggling to clear the $68,000 and $68,500 ranges, not like Ethereum.

The latest excessive was shaped at $68,034 and the value is now consolidating positive factors. It’s buying and selling above the 23.6% Fib retracement stage of the upward wave from the $59,150 swing low to the $68,034 excessive. There’s additionally a key rising channel forming with resistance close to $68,200 on the hourly chart of the BTC/USD pair.

Bitcoin continues to be buying and selling above $66,000 and the 100 hourly Simple moving average. Rapid resistance is close to the $67,500 stage. The subsequent key resistance might be $68,000, above which the value may rise towards the $68,500 resistance zone.

Supply: BTCUSD on TradingView.com

If there’s a clear transfer above the $68,500 resistance zone, the value may even try a transfer above the $69,200 resistance zone. Any extra positive factors may ship the value towards the $70,000 stage.

One other Decline In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it may begin one other draw back correction. Rapid assist on the draw back is close to the $66,550 stage and the channel development line.

The primary main assist is $66,000. If there’s a shut under $66,000, the value may begin a good pullback towards the 50% Fib retracement stage of the upward wave from the $59,150 swing low to the $68,034 excessive at $63,500. Any extra losses may ship the value towards the $62,500 assist zone.

Technical indicators:

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

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

Main Assist Ranges – $66,550, adopted by $66,000.

Main Resistance Ranges – $67,500, $68,000, and $68,500.

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