Bitcoin price has been struggling to break above the $68,500 resistance zone, leading to a consolidation phase. Despite trading above $66,800 and the 100 hourly Simple moving average, the bears have been active near the key resistance level. The recent high was formed near $68,240 before a slow move towards lower levels. There is a key bullish trend line forming with support at $62,200 on the hourly chart of the BTC/USD pair, indicating a potential for an upward move.
If Bitcoin manages to break above the $68,250 resistance level, it could face further resistance near $68,500. A clear move above this level might spark another increase towards $68,800 and eventually $69,200. A close above the $69,200 resistance could push the price even higher, testing the $70,000 resistance. However, if Bitcoin fails to climb above the $68,250 resistance zone, a downside correction might occur. Immediate support lies near $67,200, followed by $66,600 and $66,000. Further losses could lead to a test of the $65,500 support zone in the near term.
The Hourly MACD for Bitcoin is now losing pace in the bullish zone, indicating a potential shift in momentum. On the other hand, the Hourly RSI for BTC/USD is currently above the 50 level, suggesting a relatively strong position. Major Support Levels for Bitcoin include $67,200 and $66,600, while Major Resistance Levels stand at $68,200 and $68,500.
The future of Bitcoin price movement remains uncertain as it struggles to break above key resistance levels. While there is potential for an upward move, the presence of bears near the $68,250 resistance zone poses a challenge. Traders and investors should closely monitor the support and resistance levels mentioned above to make informed decisions regarding their positions in the market.
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