Bitcoin price recently extended its downside correction below the $67,500 level. BTC tested the $67,000 zone and now has started a recovery track. There was a break above a key bearish trend line with resistance at $67,800 on the hourly chart of the BTC/USD pair. The pair climbed above the $68,500 and $69,000 levels.
However, the bulls were active near $68,000 and the 61.8% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high. Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average.
If Bitcoin fails to climb above the $68,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,000 level. Any more gains might send BTC toward the $72,600 resistance.
As of now, at the time of writing this article, BTC is trading around $68,200 with a weekly gain of 1.25% and has a market capitalization of $1.33 Trillion.