Bitcoin’s price extended its decline to $60,000. BTC is down over 10% and could struggle to recover above the USD 70,000 resistance easily.
- Bitcoin is trying to recover, but is struggling to overcome obstacles.
- The price is trading below $70,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $70,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it trades below the $62,500 and $61,200 levels.
Bitcoin price drops sharply
Bitcoin price failed to hold steady above the $72,000 zone. BTC extended its decline below the USD 70,000 and USD 68,500 levels. The bears managed to push the price below $65,500.
A low was formed at $60,500, and the price is now trying to recover. There was a small increase above the USD 62,000 and USD 63,200 levels. The price crossed the 23.6% Fib retracement level of the recent downward move from the $76,865 swing high to the $60,500 low.
Bitcoin is now trading below $68,000 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 $66,000 level. The first major resistance is near the $67,200 level.
A close above the USD 67,200 resistance could send the price rising further. In the said case, the price could rise and test the $68,500 resistance or the 50% Fib retracement level of the recent downward move from the $76,865 swing high to the $60,500 low.
Any further gains could send the price towards the USD 70,500 level. A bearish trendline is also forming with resistance at $70,600 on the hourly chart of the BTC/USD pair. The next barrier for the bulls could be $72,500 and $75,000.
Another drop in BTC?
If Bitcoin fails to rise above the USD 68,500 resistance zone, it could trigger another decline. The immediate support is near the $63,200 level. The first major support is near the $62,500 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 62,500, followed by USD 61,200.
Major resistance levels – $67,200 and $68,500.