Bitcoin price has been facing significant challenges in breaking through the $68,500 resistance zone. Despite several attempts, the cryptocurrency has failed to sustain its momentum above this key level, signaling a potential shift in market sentiment.
Following multiple failed attempts to break through resistance, Bitcoin has started a correction wave from the $68,500 zone. The price is currently trading below $66,500 and the 100 hourly simple moving average, indicating a potential downward trend in the short term.
A key bullish trend line with support at $67,200 was recently broken, further adding to the bearish sentiment. The immediate support on the downside is near the $65,500 level, with the first major support at $65,080. However, if Bitcoin fails to climb back above the $67,200 resistance zone, we could see the price decline further towards the $64,200 support level.
The hourly MACD is now gaining pace in the bearish zone, while the Relative Strength Index (RSI) for BTC/USD is below the 50 level. These technical indicators suggest a potential continuation of the downward trend in the near term.
If there is a fresh increase in price, Bitcoin could face resistance near the $66,150 level, with the first key resistance at $66,800. A clear move above this level might trigger another increase, with the next major hurdle sitting at $67,200. However, failing to break above this resistance zone could lead to further downward pressure on the price.
The current state of Bitcoin price trends suggests a cautious approach for investors and traders. With resistance levels proving to be challenging and technical indicators signaling a bearish sentiment, it is essential to closely monitor price movements and key support levels in the coming days.
