- Bitcoin price started a downside correction from the $72,800 zone against the US Dollar.
- The price is now trading above $68,000 and the 55 simple moving average (4 hours).
- There is a key bullish trend line forming with support at $68,500 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
- The pair could start a fresh increase if it stays above the $68,500 support zone.
Bitcoin price is correcting lower below $70,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $68,500 zone.
Bitcoin Price Analysis
Bitcoin price extended its increase above the $70,500 level and rallied toward the $72,500 resistance zone. However, the bears remained active near the $72,800 zone.
A high was formed near $72,777 before the price started a downside correction. There was a clear move below the $72,000 and $70,000 levels. The bears were able to push the price below the 38.2% Fib retracement level of the upward move from the $64,521 swing low to the $72,777 high.
The price even spiked below $68,500. Bitcoin is now trading above $68,000 and the 55 simple moving average (4 hours). There is also a key bullish trend line forming with support at $68,500 on the 4-hour chart of the BTC/USD pair. It is close to the 50% Fib retracement level of the upward move from the $64,521 swing low to the $72,777 high.
Immediate resistance on the upside is near the $70,000 level. The next major resistance might be near the $71,400 zone. A clear move above the $71,400 level might send the price toward $72,500, above which the price might rise toward the $73,500 level.
Any more gains might push the price toward the $75,000 zone. If there is no upside break, the price might continue to decline below the $68,500 level.
The first major support is $67,650. The next key support is near the $66,400 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $64,500 level. Any more losses might send the price toward the $63,500 level.
Looking at the chart, Bitcoin price is clearly trading above $68,000 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $68,500 support zone.
Technical Indicators
4 hours MACD – The MACD is now gaining momentum in the bearish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $68,500 and $66,400.
Key Resistance Levels – $70,000, $71,200, and $72,500.
