Bitcoin Holding Steady Above $66,500 Bitcoin’s price remained well-supported above the $66,500 level despite recent fluctuations. After a minor rally, BTC briefly moved past the $68,500 resistance, and the bulls managed to clear the $69,200 barrier. However, the price couldn’t break through the $70,000 resistance and began correcting.
Bitcoin Price Faces Resistance Near $68,000
Bitcoin’s price formed a high at $69,428 but failed to test the $70,000 mark. The correction led to a dip below $68,000, breaking through a key contracting triangle with support at $68,500 on the hourly chart. BTC found support near $66,500 and is currently consolidating above the 23.6% Fibonacci retracement level of the downward move from $69,428 to $66,564.
Currently, Bitcoin is trading below $68,500 and the 100-hourly simple moving average. Immediate resistance is expected around $68,000, followed by the 50% Fibonacci retracement level from $69,428 to $66,564.
Resistance Levels to Watch
The first significant resistance lies at $68,750. If Bitcoin can clear this level, the next target will be $69,200. Breaking past $69,200 could set BTC up for a rally towards $70,000. If momentum builds, the price may even test the $70,500 resistance level.
Downside Risks for Bitcoin
If Bitcoin struggles to break the $68,000 resistance, it may face renewed selling pressure. The first major support lies at $67,000, followed by the key level of $66,500. If losses extend further, the price could drop to $65,500.
Technical Indicators
- Hourly MACD: The MACD is losing momentum in the bullish zone.
- Hourly RSI: The RSI is below 50, indicating possible weakness.
- Support Levels: $66,800 and $66,500.
- Resistance Levels: $68,000 and $68,500.