Bitcoin Price Bounce Weakens, Recovery at Risk of Fading Again

Bitcoin price started a recovery wave from $68,000. BTC is now back above $70,000 and might struggle to continue higher in the near term.

Bitcoin started a decent recovery wave above $69,500 and $70,000. The price is trading above $70,000 and the 100 hourly simple moving average. There was a break above a bearish trend line with resistance at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might start another decline if it stays below the $71,500 and $72,000 levels. Bitcoin Price Attempts Recovery

Bitcoin price found support near the $67,500 zone and recently started a recovery wave. BTC climbed above the $68,800 and $69,500 resistance levels.

There was a break above a bearish trend line with resistance at $69,500 on the hourly chart of the BTC/USD pair. The bulls were able to push the price above the 38.2% Fib retracement