Bitcoin Price Attempts Recovery Towards $70,000 Resistance Level

Bitcoin price is correcting losses from the $67,500 zone and may soon target a move above the $70,000 resistance zone.

Bitcoin began a decline from the $72,500 zone.
The price trades below $70,500 and the 100 hourly Simple Moving Average.
A break occurred above a bearish trend line with resistance at $68,300 on the BTC/USD hourly chart (data feed from Kraken).
The pair could gain bullish momentum if it settles above the $70,000 resistance zone.

Bitcoin Price Aims Recovery

Bitcoin price declined below the $72,500 zone, moving past the $71,500 and $70,000 support levels. It tested a low at $67,483 and is now attempting to recover, having moved above $68,500 resistance and surpassing the 23.6% Fib retracement level of the drop from the $73,576 swing high to the $67,483 low.

A break above the bearish trend line at $68,300 has occurred. Bitcoin is currently trading below $70,000 and the 100 hourly Simple Moving Average.

Resistance near the $69,500 level is close to the 50% Fib retracement level of the downward movement. The first key resistance is at $70,000; a clear move above this level may lead to further increases, with the next resistance at $71,200.

A close above $71,200 may initiate additional gains, potentially testing the $72,500 resistance level. Further gains might push the price toward $73,200.

Another Decline In BTC?

If Bitcoin does not rise above the $70,000 resistance zone, it may experience another decline. Immediate support is near $68,000.

The first major support level is at $67,500, followed by $67,200. Additional losses could lead to a decline toward the $66,500 support level.

Technical indicators:

Hourly MACD – Losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – Above the 50 level.

Major Support Levels – $68,000, $67,500.

Major Resistance Levels – $69,500, $70,000.