Bitcoin price is still struggling to settle above the $68,000 resistance. BTC is now consolidating and might drop again toward the $63,500 support.
- Bitcoin price is struggling to clear the $68,000 and $68,500 levels.
- The price is trading above $66,000 and the 100 hourly Simple moving average.
- There is a key rising channel forming with resistance near $68,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start another decline and trade toward $63,500 support zone.
Bitcoin Price Faces Hurdles
Bitcoin price recovered most losses and settled above the $65,000 level. However, BTC seems to be struggling to clear the $68,000 and $68,500 levels, unlike Ethereum.
The recent high was formed at $68,034 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward wave from the $59,150 swing low to the $68,034 high. There is also a key rising channel forming with resistance near $68,200 on the hourly chart of the BTC/USD pair.Bitcoin is still trading above $66,000 and the 100 hourly Simple moving average. Immediate resistance is near the $67,500 level. The next key resistance could be $68,000, above which the price could rise toward the $68,500 resistance zone.
Source: