Bitcoin (BTC) Price Starts Consolidation Phase, Might Aim for a Fresh Increase Above $67,800

Bitcoin price struggled to continue higher toward the $70,000 level and started a downside correction. There was a move below the $68,500 and $67,500 levels.

Bitcoin price started a downside correction from the $70,000 resistance. There was a move below the $68,500 and $67,500 levels. BTC is now consolidating and might aim for a fresh increase above $67,800.

Bitcoin Price Might Aim For Fresh Increase Soon

Bitcoin price began a solid recovery from the lower support at $65,500. The BTC/USD pair gained bullish momentum and rallied above several key resistances. There was a clear move above the $67,500 resistance level.

The price even spiked above the $68,000 resistance and the 50% Fib retracement level of the downward move from the $69,427 swing high to the $66,564 low. Later, the price started a downside correction and moved below the $68,000 resistance. There was also a move below the 100 hourly Simple moving average.

Bitcoin price found support near the $67,100 level on the hourly chart. A short-term contracting triangle is also forming with support at $67,100. On the upside, the price is facing resistance from the triangle trend line and the $67,500 level.

The first key resistance is now forming near the $67,800 level. A clear move above this resistance could open the doors for a larger increase in the coming sessions. The next key resistance is now forming near the $68,000 level.

A clear move above the $68,000 resistance might send the price higher. The next key resistance could be $68,500. Any more gains might send the price toward the $70,000 resistance level.

Bitcoin Price Could Decline Further

If Bitcoin fails to rise above the $67,100 resistance zone, it could start another decline. Immediate support on the downside is forming near the $66,800 level.

The first major support is forming near the $66,500 level. The next support is now forming near the $66,200 zone. Any more losses might send the price toward the $65,500 support in the near term.

Technical indicators

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $66,800, followed by $66,500.

Major Resistance Levels – $67,100, and $68,000.

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