The price of Bitcoin has been experiencing a period of struggle as it fails to surpass the $68,500 resistance zone. This resistance has proven to be a significant hurdle for BTC, causing it to correct its gains and potentially decline further below the $65,500 support zone. The correction wave began from the $68,500 resistance zone, with the price currently trading below $66,500 and the 100 hourly Simple Moving Average. A break below a key bullish trend line at $67,200 on the hourly chart of the BTC/USD pair is indicative of potential extended losses and a move below the $65,500 support zone.
Efforts to stay above the $66,500 and $67,000 resistance levels have been futile for Bitcoin, as it extended its decline and traded below the $66,000 support level. This downward movement led BTC into a short-term bearish zone, highlighted by a break below a key bullish trend line at $67,200 on the hourly chart. The price even went as low as $65,458 before consolidating its losses. Currently, Bitcoin is trading below the 23.6% Fibonacci retracement level of the recent decline from the $68,240 swing high to the $65,458 low, indicating a challenging path ahead.
Despite the current struggles, there is still hope for Bitcoin to recover and move towards higher price levels. If there is a fresh increase in price, BTC could face resistance near the $66,150 level, followed by key resistance levels at $66,800, $67,100, and $67,200. A clear move above the $67,200 resistance could spark a significant increase in price, potentially testing the $68,000 resistance. However, if Bitcoin fails to climb above the $67,200 resistance, it may continue to move downwards, with immediate support at $65,500 and major support levels at $65,080 and $64,200.
The technical indicators for Bitcoin paint a bearish picture, with the hourly MACD gaining pace in the bearish zone and the hourly RSI for BTC/USD dropping below the 50 level. These indicators suggest a challenging road ahead for Bitcoin, with major support levels at $65,500 and $65,000, and major resistance levels at $67,200 and $68,000. Overall, the fluctuating nature of Bitcoin’s price highlights the unpredictable and volatile nature of the cryptocurrency market.