Bitcoin Price Eyes $70K Comeback: Will Bulls Push It Higher?

Bitcoin price is correcting losses from the $67,500 zone. BTC is recovering and might soon aim for a move above the $70,000 resistance zone.

• Bitcoin started a fresh decline from the $72,500 zone.
• The price is trading below $70,500 and the 100 hourly Simple moving average.
• There was a break above a connecting bearish trend line with resistance at $68,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish pace if it settles above the $70,000 resistance zone.

Bitcoin Price Aims Recovery

Bitcoin price failed to trade to a new all-time and started a fresh decline below the $72,500 zone. There was a move below the $71,500 and $70,000 support levels.

The price even declined below $68,500 and tested $67,500. A low was formed at $67,483 and the price is now attempting to recover. There was a move above the $68,500 resistance. The price surpassed the 23.6% Fib retracement level of the downward move from the $73,576 swing high to the $67,483 low.

There was a break above a connecting bearish trend line with resistance at $68,300 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading below $70,000 and the 100 hourly Simple moving average.

On the upside, the price could face resistance near the $69,500 level. It is close to the 50% Fib retracement level of the downward move from the $73,576 swing high to the $67,483 low. The first key resistance is near the $70,000 level. A clear move above the $70,000 resistance might send the price higher. The next key resistance could be $71,200.

A close above the $71,200 resistance might initiate more gains. In the stated case, the price could rise and test the $72,500 resistance level. Any more gains might send the price toward the $73,200 resistance level.

Another Decline In BTC?

If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level.

The first major support is near the $67,500 level. The next support is now near the $67,200 zone. Any more losses might send the price toward the $66,500 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 above the 50 level.

Major Support Levels – $68,000, followed by $67,500.

Major Resistance Levels – $69,500, and $70,000.

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