Bitcoin Price Downside Thrust Over Or The Bears Are Not Done Yet?

Bitcoin price started a major decline amid the Israel-Iran tensions. BTC declined toward $60,500 and is currently attempting a recovery wave.

• Bitcoin is attempting a recovery wave from the $60,500 support zone.
• The price is trading below $65,500 and the 100 hourly Simple moving average.
• There is a key rising channel forming with resistance at $65,850 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $66,000 resistance zone.

Bitcoin Price Recovery Faces Hurdles

Bitcoin price started a major decline below the $70,000 level. BTC gained bearish momentum amid rising tensions between Israel and Iran. There was a sharp decline below the $66,000 and $65,000 levels.

The price dipped over 10% and even tested the $60,500 support. A low was formed near $60,495 and the price is now attempting a recovery wave. It climbed above the $62,500 and $63,000 levels. There was a move above the 23.6% Fib retracement level of the downward move from the $71,200 swing high to the $60,495 low.

Bitcoin is now trading below $67,000 and the 100 hourly Simple moving average. Immediate resistance is near the $65,800 level. There is also a key rising channel forming with resistance at $65,850 on the hourly chart of the BTC/USD pair. It is close to the 50% Fib retracement level of the downward move from the $71,200 swing high to the $60,495 low.

Source: BTCUSD on TradingView.com

The first major resistance could be $66,000. The next resistance now sits at $68,000 and the 100 hourly Simple moving average. If there is a clear move above the $68,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000. The next major resistance is near the $71,200 zone. Any more gains might send Bitcoin toward the $72,500 resistance zone in the near term.

Another Decline In BTC?

If Bitcoin fails to rise above the $66,850 resistance zone, it could start another decline. Immediate support on the downside is near the $64,500 level.

The first major support is $63,000. If there is a close below $63,000, the price could start to drop toward the $62,000 level. Any more losses might send the price toward the $60,500 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 above the 50 level.

Major Support Levels – $64,500, followed by $63,000.

Major Resistance Levels – $65,850, $66,000, and $68,000.

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