It has become difficult for the Bitcoin price to overcome the $68,800 barrier in the last 3-4 days. Its price is falling, and further declines may occur below the $65,000 support.
- The price currently trades below $68,000 and the 100-hourly simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows the formation of a connecting negative trend line with resistance at $67,800.
- If the pair breaks through the $68,000 resistance zone in the near future, positive momentum may increase.
Bitcoin Price Faces A Tough Resistance
The Bitcoin price once again tried to rise above $65,500. It rose above $67,200 and $68,000. However, the bears were active in the $69,000 area.
The price is currently falling after hitting a peak of $68,898. Below the $67,500 support zone, we are witnessing a downfall. From the swing low of $64,555 to the high of $68,898, the price has dropped below the bounce wave’s 50% Fibonacci retracement level.
Right now, the price of Bitcoin is attempting to retrace 76.4% of the recovery wave from the swing low of $64,555 to the high of $68,898. But, the connecting downward trend line is forming on the BTC/USD hourly graph, with resistance at $67,800. Initial resistance is approaching $66,750.
The next significant resistance level might be $67,800, or the trend line, after which the price could increase to the $68,800 resistance zone.
If the price rises noticeably above the $68,800 resistance zone, it may attempt to break the $70,000 resistance zone. And, additional gains could push the price beyond $71,000.
Should Traders Brace for More Loss in BTC?
If Bitcoin is unable to break the resistance around $67,800, another bearish trend may initiate. Substantial downside support is located near the $65,550 mark.
The initial big support is $65,000, and the primary level of support is $64,500. If the price closes below $64,500, it may slide toward the $63,500 mark. Should the price drop, it might approach the $62,000 support level.
