Bitcoin Price Bounce Weakens, Recovery at Risk of Fading Again
Bitcoin price started a recovery wave from $68,000. BTC is now back above $70,000 and might struggle to continue higher in the near term. In the stated case, the price could rise and test the $73,500 resistance. Any more gains might send the price toward the $74,200 level. The next barrier for the bulls could be $75,000. If Bitcoin fails to rise above the $71,650 resistance zone, it could start another decline. Immediate support is near the $70,000 level. The first major support is near the $69,350 level. The next support is now near the $68,950 zone. Any more losses might send the price toward the $68,000 support in the near term. The main support now sits at $67,500, 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 – $68,950, followed by $68,000. Major Resistance Levels – $71,650 and $72,000.Another Decline In BTC?
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