- If Bitcoin is not able to go beyond the $69,500 resistance zone, it could witness another decline
- The major support is at $66,500, and if the price goes below this, then BTC might struggle to recover in the near term
The price of Bitcoin hasn’t been successful in being stable over the $70,000 mark. It started declining and traded below the $69,200 support zone. Also, at the time of writing, it is exchanging hands at $68,296.87
The price went below the 38.2% Fib retracement level of the upward shift from the $65,072 swing low to the $70,935 high At the same time, there was a break below the bullish trend line having support at $69,500 on the hourly chart of the BTC/USD pair
With the price being at $68,296.87, the price remains stable above the $68,000 level and gives hope for another attempt at a fresh increase. The immediate resistance resides around the $68,800 level.
The Resistance and Support Zones
Talking about the first key resistance, it is at $69,500, and a close above the $69,500 resistance might push the price higher. In the given situation, the price could move further to test the $70,000 resistance
Any further gains will send the price towards the $70,500 level. The other obstacle for the bulls could be either $72,000 or $72,500. If Bitcoin is not able to go beyond the $69,500 resistance zone, it could witness another decline, and the first support is around the $68,200 level
After which, the other and the major support is at the $68,000 level or the 50% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. The third support level is now around the $67,350 zone, and any further losses than this can take the price to the $67,350 support in the near future
The major support is at $66,500, and if the price goes below this, then BTC might struggle to recover in the near term
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