Bitcoin’s price has continued to rise, surpassing the $69,200 resistance level. However, it is currently experiencing a correction and trading around the $67,500 pivot level. The cryptocurrency struggled to test the $70,000 resistance zone and is now trading below $68,500 and the 100 hourly Simple Moving Average. A key contracting triangle with support at $68,500 was broken, indicating a potential downwards movement. Unless there is a close below the $66,500 zone, Bitcoin could start a fresh increase.
Although the price dipped to $66,500, it found support and has started consolidating above the 23.6% Fib retracement level. It remains below the 100 hourly Simple Moving Average and faces resistance near the $68,000 level or the 50% Fib retracement level. If Bitcoin manages to break above the $68,750 resistance, it could initiate further gains and potentially test the $70,000 resistance level. However, if it fails to rise above the $68,000 resistance, the cryptocurrency may experience another decline, with immediate support near $67,000 and major support near $66,800 and $66,500. Technical indicators suggest that the MACD is losing pace in the bullish zone and the RSI for BTC/USD is now below the 50 level.