Bitcoin price is currently in a consolidation phase after a correction that brought it down to the $66,500 zone. The cryptocurrency is trading below both the $67,500 mark and its 100 hourly simple moving average. However, a fresh increase above $67,800 is being speculated.
The price has struggled to test the $70,000 resistance zone and ended up starting a downward correction. It faces resistance near the $67,100 level, along with a short-term contracting triangle providing support.
If Bitcoin can move above the $68,000 key resistance level, it might aim for new gains leading toward $69,200 and potentially $70,000. In case of another decline, immediate support is seen around $66,800, which can extend to $66,500 or even $65,500.
Technical indicators suggest the momentum is losing pace in the bearish zone, with the RSI currently below the 50 level, highlighting the importance of breaking out from the current resistance levels.
