CandleFocus

Bitcoin Price Corrects Some Gains: A Pause Before the Next Move?

Author: Content Editor
Bitcoin price has extended its gains above the resistance zone at $69,200 but is now undergoing a correction and trading near the pivot level at $67,500. The bulls were able to clear the $69,200 barrier but did not test the $70,000 resistance zone. There was a minor decline and break below key support levels, but the price is now consolidating above the 23.6% Fib retracement level. Bitcoin is currently trading below the 100 hourly Simple Moving Average and could face resistance near the $68,000 level. On the downside, immediate support is near $67,000, followed by major support at $66,800 and $66,500. The MACD is losing pace in the bullish zone and the RSI is below 50, indicating weakening momentum. The next key resistance levels to watch are $68,000 and $68,500, while a close above $69,200 could initiate further gains towards $70,000 and $70,500. If Bitcoin fails to rise above the $68,000 resistance zone, it could experience another decline with possible support at $65,500.

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