Bitcoin price started a new decline below the $68,000 zone. BTC is down more than 10% and could continue to fall if it falls below $62,000.
- Bitcoin failed to stay above $68,500 and extended losses.
- The price is trading below $65,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance around $65,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it remains below the USD 65,000 and USD 66,500 levels.
Bitcoin price takes a big hit
Bitcoin price failed to stay above the $70,000 support zone. BTC remained in a bearish zone and extended losses below the USD 68,000 level. There was a move below the $65,000 level.
The price even fell below $63,200. A low was formed at $62,490 and the price is now showing many bearish signs. It is well below the 23.6% Fib retracement level of the downward move from the $74,070 swing high to the $62,490 low.
Bitcoin is now trading below $65,000 and the 100 hourly moving average. If the price remains stable above $62,000, another move up can be attempted. The immediate resistance is near the $63,500 level.
The first major resistance is around the $64,000 level. A close above the USD 64,000 resistance could send the price higher. In the mentioned case, the price could rise and test the USD 65,000 resistance. A bearish trendline is also forming with resistance around $65,200 on the hourly chart of the BTC/USD pair.
Any further gains could send the price towards the USD 66,500 level. The next barrier for the bulls could be $68,000, or the 50% Fib retracement level of the downward move from the $74,070 swing high to the $62,490 low.
Lose more in BTC?
If Bitcoin fails to rise above the $65,000 resistance zone, it could trigger another decline. Immediate support is near the $62,500 level.
The first major support is near the $62,000 level. The next support is now near the $61,200 zone. Any further losses could send the price towards the USD 60,500 support in the short term. The key support is now at $60,000, 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 62,000, followed by USD 60,000.
Major resistance levels – $64,000 and $65,000.