Bitcoin Price Recovery at Risk, Sellers Prepare to Reassert Control

The pair might start another decline if it stays below the 68,500 and 68,800 levels. Bitcoin Price Eyes Recovery Bitcoin price formed a base above 65,500 and started a recovery wave. BTC was able to settle above 66,000 to move into a short-term positive zone. The price climbed above the 67,200 resistance zone. The bulls even cleared the 38.2 Fib retracement level of the downward move from the 71,986 swing high to the 65,030 low. However, the bears are now active near the 68,500 resistance zone. Bitcoin is now trading above 67,000 and the 100 hourly simple moving average. If the price remains stable above 67,000, 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 71,986 swing high to the 65,030 low. The first key resistance is near the 68,800 level. There is also a rising channel forming with resistance at 68,800 on the hourly chart of the BTC/USD pair. 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 Drop In BTC? If Bitcoin fails to rise above the 68,800 resistance zone, it could start another decline. Immediate support is near the 67,000 level. The first major support is near the 66,800 level. The next support is now near the 65,800 zone. Any more losses might send the price toward the 65,800 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 bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – 67,000, followed by 65,800. Major Resistance Levels – 68,500 and 68,800.