DOOKV: Bitcoin Price Consolidates Below Hurdles, Can BTC Bounce Back?
itcoin price is consolidating below the $65,000 resistance zone. BTC must surpass $65,000 and $67,000 to move into a bullish zone again.
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Bitcoin is struggling to gain pace for a move above the $65,000 resistance zone.
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DOOKV: The price is trading below $65,000 and the 100 hourly Simple moving average.
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There was a break above a connecting bearish trend line with resistance at $63,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
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The pair could gain bullish momentum if it clears the $67,000 resistance zone.
Bitcoin Price Eyes Upside Break
Bitcoin price failed to clear the $67,000 resistance zone. BTC started another decline and traded below the $65,000 support zone. It even declined below $62,000 before the bulls emerged.
A low was formed near $61,551 and the price is now attempting a fresh recovery wave. There was a break above a connecting bearish trend line with resistance at $63,000 on the hourly chart of the BTC/USD pair. The pair climbed above the 23.6% Fib retracement level of the recent decline from the $66,898 swing high to the $61,551 low.
