Bitcoin Price Consolidates Above Support, Breakout Hopes Strengthen
Bitcoin price started a decent increase above $68,000. BTC is now consolidating above $66,250 and might aim for more gains above $68,800. The first key resistance is near the $68,250 level. A close above the $68,250 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 $68,000 resistance zone, it could start another decline. Immediate support is near the $67,000 level. The first major support is near the $66,250 level or the 50% Fib retracement level of the upward move from the $62,500 swing low to the $70,000 high. The next support is now near the $65,500 zone. Any more losses might send the price toward the $65,000 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 bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $67,000, followed by $66,500. Major Resistance Levels – $68,000 and $68,500.Downside Continuation In BTC?
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