Bitcoin Price Recovery Hinges on Resistance Break

Bitcoin's price has been consolidating below $68,800 after initiating a recovery wave above $67,500. The cryptocurrency is currently trading above $67,000 and the 100 hourly simple moving average, but may face difficulties continuing higher.

The rising channel formation on the hourly chart of the BTC/USD pair indicates that the price could start another decline if it stays below the key resistance zone at $68,800. This would be a setback for the bulls, who had managed to push the price above the 38.2% Fib retracement level of the downward move from the $71,986 swing high to the $65,030 low.

The immediate support levels for Bitcoin are near $67,000 and $66,800, with further losses potentially sending the price toward the $65,800 zone. The main support sits at $65,000, below which it may struggle to recover in the near term.