Bitcoin price started a new decline below the $70,000 zone. BTC is consolidating and could continue to fall if it falls below $66,000.
- Bitcoin failed to stay above $70,500 and extended losses.
- The price is trading below $70,000 and the 100 hourly moving average.
- A bearish trendline is forming with resistance near $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could extend losses if it stays below the USD 67,500 and USD 68,500 levels.
Bitcoin price plunges
Bitcoin price failed to stay above the $72,000 support zone. BTC remained in a bearish zone and extended losses below the USD 70,500 level. There was a move below the $70,000 level.
The price even fell below $67,200. A low was formed at $66,111 and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $74,070 swing high to the $66,111 low.
Bitcoin is now trading below $70,000 and the 100 hourly moving average. If the price remains stable above $66,000, another move up can be attempted. The immediate resistance is near the $68,000 level. A bearish trendline is also forming with resistance around $68,000 on the hourly chart of the BTC/USD pair.
The first major resistance is around the $68,500 level. A close above the USD 68,500 resistance could send the price higher. In the said case, the price could rise and test the USD 70,000 resistance and the 50% Fib retracement level of the downward move from the USD 74,070 swing high to the USD 66,111 low. Any further gains could send the price towards the USD 71,500 level. The next barrier for the bulls could be $72,000.
Downward acceleration in BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it could trigger another decline. The immediate support is near the $66,200 level.
The first major support is near the $66,000 level. The next support is now near the $65,000 zone. Any further losses could send the price towards the USD 64,200 support in the near term. The key support now lies at $63,500, 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 – $68,000 and $70,000.