In the constantly fluctuating world of cryptocurrency, Bitcoin price is facing yet another hurdle. The renowned digital currency is struggling to break past the substantial resistance at $68,000. In fact, the celestial currency now seems to be heading towards a downward spiral and might even sink below the support level of $66,000.
Bitcoin’s journey started on a promising high, challenging the resistance at a juicy $68,200. However, this proved to be a tough barrier for the virtual currency. After its ongoing battle with resistance, the pressing downward pull began to manifest. Bitcoin’s price strove to push itself above this barrier but traded below the $68,000 mark, and dipped below the bar set by the 100-hourly Simple Moving Average.
A pessimistic trend line that’s been trailing on the hourly chart of the BTC/USD pair, with dogged resistance at $67,150, signals the looming downward growth. While Bitcoin has potential to recover, the uplift might be constrained, not managing to poke through the $68,000 ceiling.
The cap of the resistance at $68,500 deemed to be too high for Bitcoin, with its price lingering in the bearish zone. Bitcoin sunk its claws deeper into the sea of red, suffering losses as it dropped below the $67,200 mark and it wasn’t long until it dipped even lower below the $67,000 chasm.
A trip was then taken down memory lane to the $66,250 zone, recording a low of $66,244. Bitcoin’s value is currently consolidating losses at below the 23.6% Fibonacci retracement level, pinning down the downward wave from a high of $69,970 to its recent dive of $66,244.
Despite the grim prognosis, Bitcoin appears to be planting short-term roots slightly above the $66,250 zone. However, this might not be smooth sailing. The digital currency is butting heads with multiple obstacles. A substantial hindrance lies in the form of resistance around the territory of $67,150.
Looking ahead, a formidable resistance of $68,000 stands guard at the 50% Fib retracement of the downward swing, trailed by a resistance of $68,500. A lucky break above $68,500 may be the match to ignite a boost in Bitcoin’s price.
In Bitcoin’s ideal world, it would rise to the occasion and challenge the $69,200 resistance. Prolific gains thereafter would propel this pioneer of cryptocurrency to soar towards the coveted $70,000 target.
Though optimism is in the air, the market never lies; if Bitcoin fails to climb and conquer the $67,150 resistance zone, we may witness the initiation of another rapid descent. Immediate support on the way down rests near the $66,250 border.
On the downhill journey, the first significant support base is seen at $66,000. This is closely followed by support gathering around the $65,000 mark. Should the downward trend persist, Bitcoin might find itself begrudgingly drifting towards the $63,500 support zone.
In terms of technical indicators, Hourly MACD is currently losing momentum in the bearish zone. The Hourly RSI for BTC/USD languishes below the 50 mark. Primary support levels have been pegged at $67,000 and $66,000, while challenging resistance zones are $68,550 and $69,200.
In conclusion, Bitcoin remains volatile with possible peaks and valleys on the horizon. From a bullish surge to a bearish drop, only time will tell where this titan of cryptocurrency will flow next. One thing is clear – the world of cryptocurrency is never void of drama!
