Key Takeaways:
- Bitcoin price is again facing a tough challenge near $68,500 and $70,000.
- BTC/USD seems to be trading inside a contracting triangle with resistance at $68,800 on the weekly chart.
- The price could see another decline if it fails to surpass $68,500 and $70,000.
Bitcoin price recovered above $65,000 and $66,500. However, BTC/USD is now struggling to gain pace for a move above $70,000.
Bitcoin Price Stuck Below $70,000, Can Bulls Make It This Time?
In the past few days, Bitcoin price saw a decent increase above the $60,000 resistance zone. The bulls were able to push the price above the $63,500 resistance zone. It helped Ethereum, Solana, and XRP to start a fresh increase.
BTC even surpassed the $65,000 resistance zone and climbed above the 50% Fib retracement level of the downward move from the $71,950 swing high to the $53,219 low. The price is now positioned well above the 50-week simple moving average (blue).
However, it seems like the price is now approaching a couple of important hurdles. Bitcoin is already showing some signs of exhaustion near the 76.4% Fib retracement level of the downward move from the $71,950 swing high to the $53,219 low.
On the upside, the price is facing resistance near the $68,000 level. The first major resistance is near the $68,500 level. There is also a key contracting triangle forming with resistance at $68,800 on the weekly chart.
A close above the $68,800 resistance could initiate a steady increase. In the stated case, the bulls could aim for a move toward the $70,000 resistance. The next major hurdle sits at $72,000, above which the price could accelerate toward $75,000 and a new all-time high.
Another Decline In BTC?
Conversely, Bitcoin price might see another rejection from the $68,500 zone. Immediate support on the downside is near the $64,500 level. The first major support is near the $62,500 level.
The next major support sits at the triangle trend line at $60,000. A weekly close below the triangle support and $60,000 could signal a bearish break. In the stated case, the first key target for the bulls might be near the $53,500 level. Any more losses might BTC toward the 50-week simple moving average (blue) at $48,000.
Overall, Bitcoin is heading toward a couple of crucial hurdles at $68,500 and $70,000. If BTC fails to settle above $70,000, it could revisit the $60,000 support in the coming days.
The post Bitcoin Bears Not Out of the Woods: Risk of Another Decline? appeared first on CoinChapter.
