Bitcoin Price Rebounds, But Weak Momentum Caps Further Gains
Bitcoin price started a recovery wave above $67,000. BTC is now consolidating below $68,500 and might struggle to continue higher. The first key resistance is near the $68,800 level. A close above the $68,800 resistance might send the price further higher. In the stated case, the price could rise and test the $69,250 resistance. Any more gains might send the price toward the $69,500 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 $67,200 level. The first major support is near the $67,000 level. The next support is now near the $66,200 zone. Any more losses might send the price toward the $65,500 support in the near term. The main support now sits at $65,000, 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 above the 50 level. Major Support Levels – $67,000, followed by $65,000. Major Resistance Levels – $68,500 and $68,800.Another Decline In BTC?
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