Bitcoin Price Recovery Slips, Sellers Tighten Grip on Market

The pair might start another decline if it stays below the 68,000 and 67,800 levels. Bitcoin Price Faces Rejection Bitcoin price formed a base above 66,500 and started a recovery wave. BTC was able to settle above 67,200 to move into a short-term positive zone. The price climbed above the 67,500 resistance zone. 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. However, the bears were active near the 69,200 resistance zone. The price failed to clear the 61.8 Fib retracement level of the downward move from the 71,985 swing high to the 65,030 low. There was a fresh bearish reaction and there was a break below a rising channel with support at 67,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below 67,200 and the 100 hourly simple moving average. If the price remains stable above 66,000, it could attempt a fresh increase. Immediate resistance is near the 67,800 level. The first key resistance is near the 68,500 level. A close above the 68,500 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. More Losses In BTC? If Bitcoin fails to rise above the 68,000 resistance zone, it could start another decline. Immediate support is near the 66,000 level. The first major support is near the 65,750 level. The next support is now near the 65,500 zone. Any more losses might send the price toward the 65,000 support in the near term. The main support now sits at 64,200, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – 66,000, followed by 65,500. Major Resistance Levels – 67,800 and 68,500.