Key Takeaways:
- Bitcoin is facing a major hurdle near the $73,000 region.
- BTC/USD seems to be trading in a rising channel, with support at $66,800 on the daily chart.
- The price could start a fresh increase unless there is a close below the 50-day simple moving average (blue).
NEW DELHI (CoinChapter.com) — Bitcoin price faced another rejection near $73,000. BTC/USD must stay above the $65,000 support to avert a drop toward $60,000.
Bitcoin Price Rejects $73K
After retesting the $64,000 zone, Bitcoin price attempted another increase. BTC climbed above the $68,000 and $70,000 resistance levels. However, the bears remained active near below the $73,000 resistance zone.
A high was formed at $72,762, and there was a bearish reaction. Bitcoin also dragged other cryptocurrencies lower, including Ethereum, Solana, XRP, and Dogecoin. The bears were able to push BTC below the $70,000 support zone.
The price tested the 50% Fib retracement level of the upward move from the $64,192 swing low to the $72,762 high. It seems like the price is trading in a rising channel with support at $66,800 on the daily chart.
More importantly, Bitcoin is still well above the 50-day simple moving average (blue). If there is another increase, the bulls could face resistance near the $70,800 zone.
The first key resistance sits at $72,000, above which the price could accelerate higher. The main resistance is still near the $73,000 level. The next major resistance might be near the last high at $73,600. A daily close above the $73,600 resistance zone could open the doors for a move toward the $75,000 resistance.
BTC At Risk of More Losses?
Conversely, Bitcoin price might continue to decline. Immediate support is near the $68,400 level. The first major support is near the 61.8% Fib retracement level of the upward move from the $64,192 swing low to the $72,762 high at $67,450.
The main support is near the channel trend line and the 50-day simple moving average (blue) at $65,000. If the bulls fail to protect the $65,000 support, there could be a larger decline. The next key uptrend support sits near the $61,000 level. Any more losses might call for a retest of $60,000.
Overall, Bitcoin price is holding gains above the $65,000 support zone. If BTC/USD clears the $72,000 resistance, it could gain bullish momentum. If not, there could be a drop toward the 50-day simple moving average (blue).
