Bitcoin price started a recovery wave from $68,000. BTC is now back above 
$70,000 and might struggle to continue higher in the near term. Bitcoin 
started a decent recovery wave above $69,500 and $70,000. The price is trading 
above $70,000 and the 100 hourly simple moving average. There was a break 
above a bearish trend line with resistance at $69,500 on the hourly chart of 
the BTC/USD pair (data feed from Kraken). The pair might start another decline 
if it stays below the $71,500 and $72,000 levels. Bitcoin Price Attempts 
Recovery Bitcoin price found support near the $67,500 zone and recently 
started a recovery wave. BTC climbed above the $68,800 and $69,500 resistance 
levels. There was a break above a bearish trend line with resistance at 
$69,500 on the hourly chart of the BTC/USD pair. The bulls were able to push 
the price above the 38.2% Fib retracement level of the downward move from the 
$75,999 swing high to the $67,343 low. However, the price faced resistance 
near the $71,500 zone and the 50% Fib retracement level of the downward move 
from the $75,999 swing high to the $67,343 low. Bitcoin is now trading above 
$70,000 and the 100 hourly simple moving average. If the price remains stable 
above $70,000, it could attempt a fresh increase. Immediate resistance is near 
the $71,650 level. The first key resistance is near the $72,000 level. A close 
above the $72,000 resistance might send the price further higher. In the 
stated case, the price could rise and test the $73,500 resistance. Any more 
gains might send the price toward the $74,200 level. The next barrier for the 
bulls could be $75,000. Another Decline In BTC? If Bitcoin fails to rise above 
the $71,650 resistance zone, it could start another decline. Immediate support 
is near the $70,000 level. The first major support is near the $69,350 level. 
The next support is now near the $68,950 zone. Any more losses might send the 
price toward the $68,000 support in the near term. The main support now sits 
at $67,500, below which BTC might struggle to recover in the near term. 
Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish 
zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above 
the 50 level. Major Support Levels – $68,950, followed by $68,000. Major 
Resistance Levels – $71,650 and $72,000.

Bitcoin Price Bounce Weakens, Recovery at Risk of Fading Again

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