Bitcoin price has started a decent rally above the $68,800 zone. BTC limits gains and may return to the support zone at $67,500.

• Bitcoin gained momentum to break above the $68,500 and $68,800 levels.
• The price is above $68,000 and the 100-hour basic moving average.
• A bullish trend line is forming on the hourly chart of the BTC/USD pair (fed with data from Kraken) with support at $67,500.
• The pair could extend losses if it stays below the $69,250 and $69,500 levels.

Bitcoin price reduces profits

Bitcoin price managed to climb higher above the $68,000 resistance zone. BTC gained momentum to break above the $68,500 and $68,800 levels.

The price even rose above $70,000, but did not stay in the positive zone. The high was formed at $70,463, after which the price began a downward correction. There was a move below the 23.6% Fib retracement level resulting from an upward move from a low of $65,688 to a high of $70,463.

Bitcoin is currently trading above $68,000 and the 100-hour basic moving average. A bullish trend line is also forming on the hourly chart of the BTC/USD pair with support at $67,500.

If the price remains stable above $67,500, it may try to rise again. Immediate resistance is near the $69,350 level. The first key resistance is near the $69,800 level. A close above the resistance at $69,800 could see the price rise further. In the given case, the price may rise and test the resistance at $70,500. Any further gains could push the price towards the $71,500 level. The next barrier for bulls could be $72,000.

Greater BTC losses?

If Bitcoin fails to rise above the $69,350 resistance zone, it could begin another decline. Immediate support is near the $68,000 level. The first major support is near the $67,800 level.

The next support is currently located near the $67,500 zone or the 61.8% Fib retracement level, a sign of an upward move from the low of $65,688 to the high of $70,463. Any further losses could push the price towards the $66,800 support in the near future. Major support currently stands at $65,500, below which BTC may have difficulty recovering in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently gaining momentum in a bearish zone.

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

Main support levels – $68,000 and then $67,500.

Major resistance levels – $69,350 and $70,500.