Bitcoin Price Reclaims 100 SMA But Momentum Seems To Be Fading

Bitcoin Price Reclaims 100 SMA But Momentum Seems To Be Fading

Bitcoin price is still struggling to settle above the $68,000 resistance. BTC is now consolidating and might drop again toward the $63,500 support.

• Bitcoin price is struggling to clear the $68,000 and $68,500 levels.
• The price is trading above $66,000 and the 100 hourly Simple moving average.
• There is a key rising channel forming with resistance near $68,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could start another decline and trade toward $63,500 support zone.

Bitcoin Price Faces Hurdles

Bitcoin price recovered most losses and settled above the $65,000 level. However, BTC seems to be struggling to clear the $68,000 and $68,500 levels, unlike Ethereum.

The recent high was formed at $68,034 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward wave from the $59,150 swing low to the $68,034 high. There is also a key rising channel forming with resistance near $68,200 on the hourly chart of the BTC/USD pair.

Bitcoin is still trading above $66,000 and the 100 hourly Simple moving average. Immediate resistance is near the $67,500 level. The next key resistance could be $68,000, above which the price could rise toward the $68,500 resistance zone.

Source: BTCUSD on TradingView.com

If there is a clear move above the $68,500 resistance zone, the price could even attempt a move above the $69,200 resistance zone. Any more gains might send the price toward the $70,000 level.

Another Decline In BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $66,550 level and the channel trend line.

The first major support is $66,000. If there is a close below $66,000, the price could start a decent pullback toward the 50% Fib retracement level of the upward wave from the $59,150 swing low to the $68,034 high at $63,500. Any more losses might send the price toward the $62,500 support zone.

Technical indicators:

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

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

Major Support Levels – $66,550, followed by $66,000.

Major Resistance Levels – $67,500, $68,000, and $68,500.