Bitcoin price is currently facing challenges in clearing the $70,000 resistance level. Despite multiple attempts to surpass this hurdle, BTC seems to be slowly moving lower and might be heading towards the $67,000 support level.
Key Technical Indicators
On the hourly chart of the BTC/USD pair, there is a key bullish trend line forming with support at $68,000. This trend line is significant as it aligns with the 100 hourly Simple Moving Average, indicating a critical support level for Bitcoin’s price movement.
Bitcoin recently made an attempt to break above the $69,000 level, clearing the $69,500 resistance zone in the process. However, the bears remained active near the $70,000 resistance zone, resulting in a downside correction. The immediate resistance levels to watch out for are $68,850, $69,200, and $69,500. If Bitcoin manages to surpass these levels, it could potentially target the $72,000 level.
In case Bitcoin fails to rise above the $68,850 resistance zone, a downside movement could be expected. The immediate support levels to monitor are $68,000 and the key bullish trend line at $68,000. A break below $67,000 could lead to a decent pullback towards the $65,500 level, with further losses potentially taking the price to the $64,400 support zone.
The hourly MACD is currently gaining pace in the bearish zone, signaling potential downside pressure on Bitcoin’s price. Additionally, the hourly RSI for BTC/USD is now below the 50 level, further indicating a bearish sentiment in the market.
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