Bitcoin Price Trapped Below $70K, Market Awaits Breakout Catalyst
Bitcoin price started a decent increase above $66,000. BTC is now consolidating above $66,000 and might aim for more gains above $67,200. The first key resistance is near the $68,200 level. A close above the $68,200 resistance might send the price further higher. In the stated case, the price could rise and test the $69,500 resistance. Any more gains might send the price toward the $70,000 level. The next barrier for the bulls could be $70,500 and $71,200. If Bitcoin fails to rise above the $67,000 resistance zone, it could start another decline. Immediate support is near the $65,500 level. The first major support is near the $65,000 level or the 61.8% Fib retracement level of the upward move from the $63,030 swing low to the $68,181 high. The next support is now near the $64,250 zone. Any more losses might send the price toward the $64,000 support in the near term. The main support now sits at $63,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $65,500, followed by $65,000. Major Resistance Levels – $67,000 and $68,200.Downside Continuation In BTC?
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