The Bitcoin price failed to stay above $70,500 and continued to decline. BTC is now consolidating below $70,500 and could continue to decline.
- Bitcoin started a new decline from well above the $71,200 zone.
- The price is trading below $70,500 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $70,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it remains below the $70,000 and $70,500 levels.
Bitcoin price continues to fall
Bitcoin price failed to hold higher above $72,000 and responded to the downtrend. BTC pared gains and fell below the USD 71,200 support.
The bears pushed the price below $70,500 and $70,000. The price tested the $68,000 zone. A low was formed at $68,115, and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $71,985 swing high to the $68,115 low.
Bitcoin is now trading below $70,200 and the 100 hourly moving average. A bearish trendline is also forming with resistance at $70,050 on the hourly chart of the BTC/USD pair.
If the price remains stable above USD 68,200, a new increase can be attempted. The immediate resistance is near the $69,200 level. The first major resistance is near the $70,000 level and the trendline. A close above the USD 70,000 resistance could send the price rising further.
In the said case, the price could rise and test the $70,500 resistance or the 61.8% Fib retracement level of the downward move from the $71,985 swing high to the $68,115 low. Any further gains could send the price towards the USD 71,200 level. The next barrier for the bulls could be $72,000.
Lose more in BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it could trigger another decline. Immediate support is near the $68,400 level. The first major support is near the $68,000 level.
The next support is now near the $67,200 zone. Any further losses could send the price towards the USD 66,800 support in the short term. The key support now lies at $65,500, below which BTC could struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $68,400, followed by $68,000.
Major resistance levels – $70,000 and $70,500.