Bitcoin Price Rebounds, But Weak Momentum Caps Further Gains

The pair might start another decline if it stays below the 68,500 and 68,800 levels. Bitcoin Price Attempts Recovery Bitcoin price extended losses and tested the 65,000 zone. BTC formed a base above 65,000 and recently started an upside correction above 66,000. The price climbed above the 67,000 resistance zone. There was a break above a bearish trend line with resistance at 67,350 on the hourly chart of the BTC/USD pair. The bulls even cleared the 38.2 Fib retracement level of the downward move from the 71,985 swing high to the 65,030 low. Bitcoin is now trading above 67,500 and the 100 hourly simple moving average. If the price remains stable above 67,200, it could attempt a fresh increase. Immediate resistance is near the 68,500 level or the 50 Fib retracement level of the downward move from the 71,985 swing high to the 65,030 low. The first key resistance is near the 68,800 level. A close above the 68,800 resistance might send the price further higher. In the stated case, the price could rise and test the 69,250 resistance. Any more gains might send the price toward the 69,500 level. The next barrier for the bulls could be 70,000. Another Decline In BTC? If Bitcoin fails to rise above the 68,500 resistance zone, it could start another decline. Immediate support is near the 67,200 level. The first major support is near the 67,000 level. The next support is now near the 66,200 zone. Any more losses might send the price toward the 65,500 support in the near term. The main support now sits at 65,000, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – 67,000, followed by 65,000. Major Resistance Levels – 68,500 and 68,800.