Bitcoin price struggled to recover above the $68,000 resistance zone. BTC is again moving lower and might even decline below the $66,000 support zone.
- Bitcoin started another decline from the $68,200 resistance zone.
- The price is trading below $68,000 and the 100 hourly Simple moving average.
- There is a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could recover but the upsides might be limited above the $68,000 level.
Bitcoin Price Turns Red Again
Bitcoin price struggled to climb above the $68,500 resistance zone. BTC remained in a bearish zone and extended losses below the $67,200 level. There was a move below the $67,000 level.
The price tested the $66,250 zone. A low was formed at $66,244 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. Bitcoin is now trading below $68,000 and the 100 hourly Simple moving average.
It seems like the price is forming a short-term base above the $66,250 zone, but there are many hurdles for the bulls. On the upside, the price is facing resistance near the $67,150 level. There is also a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC/USD pair. The first major resistance could be $68,000 and the 50% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. The next key resistance could be $68,500. A clear move above the $68,500 resistance might send the price higher.