Bitcoin price is falling from the resistance level of $73,000. BTC would need to stay above the $67,000 support to start a new increase in the near term.
- Bitcoin price has corrected its upward trend and is falling in the $73,000 range.
- The price is trading below $71,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the main bullish trendline with support at $72,820.
- The two could revisit the $67,000 support zone in the near future.
Bitcoin price falls further
Bitcoin price made another attempt to gain strength above the $72,500 level. However, there was no apparent movement above the $72,500 level and the price reacted downwards.
It fell below the $72,000 and $71,500 levels. Moreover, a break occurred below the main bullish trendline supporting $72,820 on the hourly chart of the BTC/USD pair. The pair even fell below the $70,000 level. A low was formed near $68,403 and the price is currently showing some bearish signs.
Bitcoin is currently trading below $71,000 and the 100-hour simple moving average. Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $72,043 swing high to the $68,403 low.
Source: TradingView.com BTCUSD
The next major resistance could be the 61.8% Fib retracement level at $70,500 or a downside move from the $72,043 swing high to the $68,403 low, above which the price could rise towards the $72,000 resistance area. If there is a clear move above the $72,000 resistance zone, the price may try to move above the $73,000 resistance zone. If more profits are made, the price could rise to the $75,000 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $70,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $68,500 level.
The first major support is $67,500. Main support is $67,000. If it closes below $67,000, the price could begin a significant decline towards the $65,500 level. Any more losses could lead the price towards the $65,000 support area.
Technical indicators:
Hourly MACD – MACD is now picking up speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $68,500, then $67,000.
Key resistance levels – $70,500, $72,000, $73,000.
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