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Bitcoin Price Rebounds, But Weak Momentum Caps Further Gains.
Bitcoin price started a recovery wave above $67,000. BTC is now consolidating below $68,500 and might struggle to continue higher.
Bitcoin started a recovery wave above $67,000 and $67,500.
The price is trading above $67,500 and the 100 hourly simple moving average.
There was a break above a bearish trend line with resistance at $67,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another decline if it stays below the $68,500 and $68,800 levels.
Bitcoin price extended losses and tested the $65,000 zone. $BTC formed a base above $65,000 and recently started an upside correction above $66,000.
The price climbed above the $67,000 resistance zone. There was a break above a bearish trend line with resistance at $67,350 on the hourly chart of the BTC/USD pair. The bulls even cleared the 38.2% Fib retracement level of the downward move from the $71,985 swing high to the $65,030 low,its now trading around 67,527 for now.
#CryptoMarketsRiseBroadly