Bitcoin price failed to recover above the $68,000 resistance zone. BTC is sliding and might decline again toward the $62,000 support zone.
- Bitcoin price started a decent increase but struggled near the $68,000 zone.
- The price is trading below $66,000 and the 100 hourly Simple moving average.
- There is a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $66,200 resistance zone to start a fresh increase.
Bitcoin Price Faces Hurdles
Bitcoin price attempted a decent recovery wave above the $65,000 resistance zone. BTC climbed above the $66,000 and $67,000 levels. However, the bears were active near the $68,000 level.
A high was formed at $68,137 and the price is now moving lower. There was a break below the $66,000 support level. The price declined below the 23.6% Fib retracement level of the recovery wave from the $60,778 swing low to the $68,137 high.Bitcoin is now trading below $66,000 and the 100 hourly Simple moving average. The bulls are now trying to protect the 50% Fib retracement level of the recovery wave from the $60,778 swing low to the $68,137 high at $64,500.
Immediate resistance is near the $66,000 level. There is also a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair. The first major resistance could be $67,000.