Bitcoin Price Stalls Under $68,800, Resistance Caps Upside Again
Bitcoin price failed to stay above $68,800 and declined further. BTC is now consolidating below $68,000 and might continue to move down. In the stated case, the price could rise and test the $68,500 resistance or the 50% Fib retracement level of the downward move from the $71,985 swing high to the $65,030 low. Any more gains might send the price toward the $69,200 level. The next barrier for the bulls could be $70,000. If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support is near the $65,750 level. The first major support is near the $65,000 level. The next support is now near the $64,200 zone. Any more losses might send the price toward the $64,000 support in the near term. The main support now sits at $63,500, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just the 50 level. Major Support Levels – $65,750, followed by $65,000. Major Resistance Levels – $67,250 and $68,500.More Losses In BTC?
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