Bitcoin Price Recovery at Risk, Sellers Prepare to Reassert Control

0:00Bitcoin price started a recovery wave above $67,500. BTC is now consolidating below $68,800 and might struggle to continue higher. Bitcoin started a recovery wave above $67,000 and $67,200. The price is trading above $67,000 and the 100-hourly simple moving average. There is a rising channel forming with resistance at $68,800 on the hourly chart of the BTC USD pair. The pair might start another decline if it stays below the $68,500 and $68,800 levels. Bitcoin price size 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.

1:02The 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 slash USD pair. A close above the $68,800 resistance might send the price further higher.

2:08In 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.

3:10The 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.