Bitcoin Price Sees Bullish Momentum Amid Recovery Wave

Bitcoin's price recovery wave is gaining momentum as the cryptocurrency trades above $68,500. The bullish trend line with support at $70,400 on the hourly chart of the BTC/USD pair was broken, but the price remains stable above the 100-hour simple moving average.

The price faced rejection near the $71,600 level and started a downside correction, but analysts predict that if the price remains stable above $68,500, it could attempt a fresh increase towards $70,500. The first key resistance is near the $70,250 level, followed by $70,500.

If Bitcoin fails to rise above the $70,500 resistance zone, it could start another decline. Immediate support is near the $69,280 level, followed by $68,500 and $68,000.