Bitcoin price started a new decline below USD 68,500 and USD 68,000. BTC is now consolidating and could struggle to spark a recovery wave above $68,500.
- Bitcoin started a new decline after settling above the $69,500 zone.
- The price is trading below $68,000 and the 100 hourly moving average.
- There was a break below a major bullish trendline with support at $68,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $65,500 and $65,000 levels.
Bitcoin price starts to fall again
Bitcoin price failed to extend its rise above the $68,500 zone. BTC started a new decline after settling below the $68,000 support zone.
The bears pushed the price below $67,500 and $67,200. Moreover, there was a break below a key bullish trendline with support at $68,900 on the hourly chart of the BTC/USD pair. Finally, the price tested the $65,500 zone. A low was formed at $65,646, and the price is now consolidating losses.
Bitcoin is now trading below $68,000 and the 100 hourly moving average. If the price remains stable above $65,500, another increase could be attempted. The immediate resistance is near the $67,000 level. The first major resistance is near the $67,600 level and the 23.6% Fib retracement level of the downward move from the $74,062 swing high to the $65,646 low.
A close above the resistance at $67,600 could send the price higher. In the mentioned case, the price could rise and test the USD 68,800 resistance. Any further gains could send the price towards the USD 68,800 level. The next barrier for the bulls could be $69,850, or the 50% Fib retracement level of the downward move from the $74,062 swing high to the $65,646 low.
Lose more in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it could trigger another decline. Immediate support is approaching the $65,500 level. The first major support is near the $65,000 level.
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 65,500, followed by USD 65,000.
Major resistance levels – $68,000 and $68,800.