The formidable world of cryptocurrencies has experienced a fresh hit below the belt, with renowned kingpin Bitcoin (BTC) fumbling past the support thresholds that it once adeptly helmed. After an exhilarating roller coaster on the market, BTC explored the ominous depths of the $66,000 support region. In the battle for recovery, Bitcoin looks all set to ride an upswing and reclaim its lost territory.
A steep decline threading below the pivotal $68,500 support area gave the week an uneasy start for those invested in Bitcoin. Traversing the tumultuous trading terrain, the price found itself in the grips of a biting breeze below $68,000 as the market grappled with the 100 hourly Simple moving average. The fluctuating pattern illustrated a tenacious downward surge, with a bearish trend line forming resilience at $68,650 on the hourly chart of the BTC/USD pair – a databulk generously provided by Kraken.
Amidst the flurry of figures and rapid changes, hopeful whispers talk of a resurgence. But the confines at the peaks may undermine vortex above the $68,500 plateau. The Bitcoin price stumbled once more when it strained to scale the loftiness of the $68,500 resistance fortress. The downward domino effect prevailed as BTC surrendered to the pull and slipped under the $68,000 door. The degree of gravity was such that it precipitated a steeper plunge below the $67,500 and $67,000 demarcations.
The lowest crude point in its journey was the cold shoulder of the $66,000 zone. Here, Bitcoin huddled and held a shaken position at $66,059 before consolidating losses above the 23.6% Fib retracement level – a measure of its descent from the $70,143 high-water mark to its new dwelling at $66,059. As it stands, Bitcoin now continues to negotiate a peace treaty under the formidable $68,500 border and the 100 hourly Simple moving average.
Even as the price ventures past unseen thresholds, resistance near the $67,600 pinnacle looms ahead. Titanic resistance forces could gather around the $68,000 wall and the 50% Fib retracement domain calculated from the vertiginous fall from the $70,143 glory to the gritty $66,059. As Bitcoin prepares for a daunting challenge, the eyeballs are glued to the $68,500 key resistance.
However, the glimmer of a brighter fortune glistens on the horizon. A conqueror’s march over the $68,500 barricade might steer the price on a higher trajectory. Should the tide turn favorably, the rally could spur Bitcoin to taste the sweet tang of victory at the $69,000 summit. Further triumphs may propel BTC towards the $70,200 zenith in the not-so-distant future.
Yet, the threats of further upheaval still lurk ominously. Should Bitcoin falter in its climb over the $68,500 obstacle course, it might herald another damaging descent. The cushion of support lies close, with its first knight at $66,700 ready to bear the brunt. An armor of $66,200 stands firm to offer increased protection, with additional reinforcements anchoring near the $66,000 footing. Flashing red warning signs may dictate a speedy flight to the $65,500 sanctuary if losses continue to mount.
Crucial technical indicators hover in the winds of uncertainty. The MACD (Moving Average Convergence Divergence) is now stealthily reducing speed in an otherwise relentless bearish territory. The RSI (Relative Strength Index) for BTC/USD now dangles perilously below the fifty benchmark. Major support levels remain locked at $66,700, bolstered by a robust line at $66,000 while the daunting peaks of $68,000, and $68,500 eclipse the unseen resistance high above.
