Bitcoin price has recovered to $68,000.

Bitcoin price remained well supported above the $65,500 and $66,000 resistance levels. BTC started a new rally and was able to break through the $66,500 resistance.

There was a clear move above the $67,200 level and the price even climbed above $68,000. The high was formed at $68,531 and the price is now consolidating gains. There was a move to the 23.6% Fibonacci retracement level of the upward move from the $65,857 swing low to $68,531 high.

Bitcoin price is currently trading above $66,500 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair is also forming a bullish connecting line with support at $66,500. The trendline is close to the 61.8% Fibonacci retracement level of the upward move from the swing low of $65,857 to the swing high of $68,531.

If there is a fresh rise, the price may face resistance near the $68,500 level. The first key resistance is near the $68,800 level. A clear move above the $68,800 resistance could trigger another rally in the coming sessions.

The next key resistance could be $69,500. The next major hurdle is at $70,000. A close above the $70,000 resistance could push the price even higher. In the stated case, the price may rise and test the resistance at $72,000.

Are BTC declines limited?
If Bitcoin fails to rise above the $68,500 resistance zone, a downward correction could begin. The immediate support on the downside is near the $67,600 level.

The first major support is $67,200. The next support is now around $66,500 and the trend line. Any further losses could send the price towards the $65,500 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is currently gaining momentum in the bullish zone.

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

Major support levels are $67,200, followed by $66,500.

The main resistance levels are $68,500 and $68,800.