Bitcoin

Resistance

Bitcoin price is attempting a recovery wave above the $66,500 resistance. BTC must clear the $70,000 resistance to continue higher in the near term. 
<ul> 
 <li>Bitcoin is facing many hurdles near the $69,500 and $70,000 levels.</li> 
 <li>The price is trading above $67,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $66,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start another increase if it stays above the $67,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-eyes-recovery">Bitcoin Price Eyes Recovery</h2> 
Bitcoin price found support near the $64,500 zone and started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggle-67k/" target="_blank" rel="noopener ">recovery wave</a>. BTC was able to rise above the $66,500 and $67,000 resistance levels to move into a short-term positive zone. 
There was a break above a key bearish trend line with resistance at $66,350 on the hourly chart of the BTC/USD pair. The pair even spiked above the $69,000 zone. A high was formed at $69,354 and the price is now <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-65k/" target="_blank" rel="noopener ">consolidating gains</a>. 
It traded below the 23.6% Fib retracement level of the upward move from the $64,572 swing low to the $69,352 high. Bitcoin is now trading above $67,000 and the 100 hourly Simple moving average. 
Immediate resistance is near the $68,250 level. The first major resistance could be $69,350. The main resistance now sits at $70,000. If there is a clear move above the $70,000 resistance zone, the price could start a fresh increase. In the stated case, the price could rise toward $71,200. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_eaf157.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-601512" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_eaf157.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_eaf157.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_eaf157.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_eaf157.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_eaf157.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_eaf157.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_eaf157.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_eaf157.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
The next major resistance is near the $72,000 zone. Any more gains might send Bitcoin toward the $73,500 resistance zone in the near term. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $69,350 resistance zone, it could start another decline. Immediate support on the downside is near the $67,200 level. 
The first major support is $67,000 or the 50% Fib retracement level of the upward move from the $64,572 swing low to the $69,352 high. The next support sits at $66,400. If there is a close below $66,400, the price could start a drop toward the $65,500 level. Any more losses might send the price toward the $64,500 support zone 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 declining toward the 50 level. 
Major Support Levels – $67,200, followed by $67,000. 
Major Resistance Levels – $69,350, $70,000, and $71,200.

Bitcoin Price Reclaims 100 SMA But Bulls Still Face Uphill Task

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