Cryptocurrency markets had an exciting week, but unfortunately, the hopes of Bitcoin investors to overcome the pivotal resistance level of $68,000 ended in disappointment. After the price of BTC dropped to $64,526, it rallied again and is currently moving above $66,000.
Bitcoin Price Encounters Resistance at $68,000
Even though Bitcoin‘s price has shown a reasonable increase recently, it faced a tough battle when it encountered the $68,000 region. The struggle near this level caused the price to fall below $66,000 before it climbed back up again.
BTC/USD pair’s chart shows a short-term descending channel or a bullish flag, indicating that the $66,500 resistance level is a hurdle Bitcoin needs to overcome to initiate a new rally.
In recent days, Bitcoin attempted a strong recovery wave above the $65,000 resistance level and briefly reached the $66,000 and $67,000 levels. However, bears active near the $68,000 level limited this recovery.
Currently, Bitcoin is trading above $66,000 and below the 100-hour simple moving average. Bulls are struggling to maintain the recovery wave’s 50% Fibonacci retracement level.
BTC Resistance and Support Levels
The $66,500 resistance level observed on the BTC/USD pair’s hourly chart stands as a significant barrier for Bitcoin in the near term. However, if the price clearly breaks above the $67,000 resistance level, it could gain strength to surpass the $68,000 resistance level and even move towards $70,000.
The first major support level Bitcoin faces is at $63,500. If a deeper decline occurs, the $62,000 level becomes significant. A close below this level could initiate a downtrend towards $61,200, potentially bringing BTC to the $60,500 support zone in the near term.
Looking at technical indicators, we see the hourly MACD gaining momentum in the bullish zone. Similarly, the hourly RSI (Relative Strength Index) for BTC/USD is trending below the 60 level, signaling potential for a price increase.
Key support levels for investors to watch include $64,500 and $63,500. However, upward movements require careful monitoring of resistance levels such as $66,500, $67,000, and $68,000.
