Bitcoin price recently experienced a strong increase above the $68,500 resistance zone, even testing as high as $70,000. However, following the Federal Reserve’s decision to keep rates at 5.5%, there was a significant bearish reaction in the market.
After failing to sustain above the $70,000 resistance zone, Bitcoin has started to decline once again. The price is currently trading below $68,550 and the 100 hourly Simple Moving Average. There is a connecting bullish trend line with support at $67,500 on the hourly chart of the BTC/USD pair, indicating a possible recovery in the near term.
The MACD is now losing pace in the bearish zone, suggesting a weakening momentum for Bitcoin. Additionally, the Hourly RSI for BTC/USD is currently below the 50 level, indicating a lack of strength in the market.
If Bitcoin manages to climb above the $68,550 resistance zone, it could see a further rise towards the $69,200 level. A clear move above $69,200 resistance might even push the price higher towards the $70,000 resistance. However, failure to break above $68,550 could lead to another decline in the price.
Immediate support on the downside is seen near the $67,200 level, followed by a major support at $67,000. If the price continues to fall, the next support level is likely to form near $66,000. Further losses could potentially push Bitcoin towards the $65,500 support zone.
The recent price action in Bitcoin has been marked by strong movements both to the upside and downside. Traders and investors should closely monitor key support and resistance levels, as well as watch for any changes in technical indicators to determine the future direction of the market.