Bitcoin price is currently facing resistance at the $68,000 level and could potentially experience a downward movement towards the $63,400 support zone. Despite trading above $65,000 and the 100 hourly Simple Moving Average, the price is struggling to gain momentum for further gains. There is a short-term bearish trend line forming with resistance near $67,000 on the hourly chart, indicating potential downward pressure.
Bitcoin recently experienced a significant decline from its all-time high of $69,218 and dropped to $59,150 before recovering some losses. Although it climbed back above $65,000, the bears are preventing further upsides above the $67,500 level. The price is currently consolidating above the 23.6% Fibonacci retracement level of the upward move from the swing low to the recent high.
If Bitcoin manages to break above the $68,000 resistance, it could potentially rise towards the $69,200 resistance zone and even reach the $70,000 level. However, if the price fails to surpass the $67,000 resistance, it might initiate another downward correction. The immediate support on the downside is near $66,650, followed by the $65,000 level. A close below $65,000 could lead to a substantial pullback towards the 50% Fibonacci retracement level at $63,400, potentially pushing the price towards the $62,500 support zone.
It is important to conduct thorough research and consider the risks associated with investing in Bitcoin or any other cryptocurrency. This information should be used for educational purposes only and not considered as financial advice.