The Bitcoin price did not stay above $70,000 and started to decline again. BTC is now trading below $68,800 and could extend short-term losses.
- Bitcoin is slowly falling below $68,800 and $68,000.
- The price is trading below $68,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $68,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $66,500 and $65,000 levels.
Bitcoin price drops again
Bitcoin price did not hold steady above the $70,000 zone. BTC started a new decline and traded below the USD 68,800 support zone. There was a drop below $68,000.
The price fell below the 50% Fib retracement level of the upward move from the $60,500 swing low to the $72,256 high. A bearish trendline is also forming with resistance at $68,200 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $68,000 and the 100 hourly moving average. If the price remains stable above $65,000, another increase can be attempted. Immediate resistance is near the $68,200 level and trendline.
The first major resistance is around the $69,000 level. A close above the USD 69,000 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 70,000 resistance. Any further gains could send the price towards the USD 71,500 level. The next barrier for the bulls could be $72,000 and $72,500.
Lose more in BTC?
If Bitcoin fails to rise above the $69,000 resistance zone, it could trigger another decline. Immediate support is near the $66,000 level. The first major support is near the $65,000 level or the 61.8% Fib retracement level of the upward move from the $60,500 swing low to the $72,256 high.
The next support is now near the $63,500 zone. Any further losses could send the price towards the USD 62,000 support in the short term. The key support now lies at $61,200, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – USD 66,000, followed by USD 65,000.
Major resistance levels – $69,000 and $70,000.