Bitcoin Price Tightens Range Near Highs Ahead Of Potential Surge

Bitcoin price corrected gains and tested the $65,650 zone. BTC is now consolidating losses and might start a decent increase if it settles above $68,000.

• Bitcoin is struggling to recover losses and moving lower below $67,500.
• The price is trading below $67,500 and the 100 hourly simple moving average.
• There is a declining channel forming with resistance at $67,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might dip again if it trades below the $66,500 and $66,000 levels.

Bitcoin Price Faces Tough Challenge

Bitcoin price failed to remain stable above the $67,500 zone. BTC started a fresh decline and traded below the $67,200 support zone. There was a push below $67,000.

The price even spiked below $66,800. A low was formed at $65,650, and the price is now correcting some losses. There was a move above the 50% Fib retracement level of the recent decline from the $68,418 swing high to the $65,650 low.

Bitcoin is now trading below $67,500 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 $67,400 level. There is also a declining channel forming with resistance at $67,400 on the hourly chart of the BTC/USD pair. It is close to the 61.8% Fib retracement level of the recent decline from the $68,418 swing high to the $65,650 low.

Source: BTCUSD on TradingView.com

The first key resistance is near the $68,000 level. A close above the $68,000 resistance might send the price further higher. In the stated case, the price could rise and test the $68,800 resistance. Any more gains might send the price toward the $69,500 level. The next barrier for the bulls could be $70,000 and $70,500.

Another Decline 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 $65,650 level.

The next support is now near the $65,050 zone. Any more losses might send the price toward the $64,500 support in the near term. The main support now sits at $63,800, 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 – $66,000, followed by $65,650.

Major Resistance Levels – $67,400 and $68,000.