Based on the BTC/USDT 1-hour chart in the image, the current Bitcoin price is 67,230.54 USDT with a slight increase of +0.51%. There are a few points to note:
1. Support: The chart shows that the price has declined from a high near 69,519.52 USDT and is currently testing a support zone around 68,712.12 USDT. If this level is broken, the price could retest the next support zone at 63,461.45 USDT.
2. Resistance: On the upside, 69,519.52 USDT is the nearest resistance level. If the price continues to recover and surpass this level, it could reach a higher high at 69,962.80 USDT.
3. Short-term trend: On this time frame, the price is trending sideways after reaching a high and making a slight correction. Holding the support zone of 68,712.12 USDT will be an important factor in determining whether the price can recover or not.
Next trend forecast:
• If the price stays above 68,712.12 USDT and gains momentum, there is a high possibility that the price will retest the resistance zone of 69,519.52 USDT.
On the contrary, if the price breaks the support level of 68,712.12 USDT, the downward correction trend may continue, and the price may test lower support levels.
Traders should continue to monitor technical indicators and price reactions at these support/resistance zones to make appropriate trading decisions.$BTC
