Bitcoin price failed to stay above $68,800 and continued to decline. BTC is now consolidating below $68,000 and could continue to decline.
- Bitcoin started a new decline from well above the $70,500 zone.
- The price is trading below $68,800 and the 100 hourly moving average.
- A bearish trendline is forming with resistance at $67,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could fall again if it stays below the $68,000 and $68,800 levels.
Bitcoin Price Extends Losses
Bitcoin price failed to hold higher above $71,200 and responded to the downtrend. BTC pared gains and fell below the USD 70,000 support.
The bears pushed the price below $68,800 and $68,000. The price tested the $65,000 zone. A low was formed at $65,030, 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 $65,030 low.
Bitcoin is now trading below $68,000 and the 100 hourly moving average. A bearish trendline is also forming with resistance at $67,250 on the hourly chart of the BTC/USD pair.
If the price remains stable above USD 65,750, a new increase can be attempted. The immediate resistance is near the $68,000 level. The first major resistance is near the $67,250 level and trendline. A close above the USD 67,250 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 downward move from the $71,985 swing high to the $65,030 low. Any further gains could send the price towards the USD 69,200 level. The next barrier for the bulls could be $70,000.
Lose more 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 $65,750 level. The first major support is near the $65,000 level.
The next support is now near the $64,200 zone. Any further losses could send the price towards the USD 64,000 support in the short 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 losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now only at the 50 level.
Major support levels – USD 65,750, followed by USD 65,000.
Major resistance levels – $67,250 and $68,500.