Bitcoin price failed to stay above the $68,500 support area. BTC has extended its losses and is currently showing signs of weakness below the $68,800 level.
- Bitcoin began another decline near the $70,150 resistance zone.
- The price is trading below $68,800 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bearish trendline forming at resistance $69,500.
- The pair could advance further if there is a clear move below the $68,000 level.
Bitcoin price falls again
Bitcoin price attempted another rally above the $69,500 resistance zone. BTC broke the $70,000 resistance zone, but failed to extend its gains. A high was reached at $70,142 before a new decline occurred.
The price declined below the $69,500 and $68,500 support levels. A low was formed at $67,920 and the price is currently consolidating losses near the 23.6% Fib retracement level moving down from the $70,142 swing high to the $67,920 low.
Bitcoin is currently trading below $69,500 and the 100-hour simple moving average. On the other hand, the price is finding resistance near $68,800. The first major resistance could be $69,000 and the 50% Fib retracement level of a downward move from the $70,142 swing high to the $67,920 low.
The next major resistance could be $69,500. The hourly chart of the BTC/USD pair also has a major bearish trendline forming resistance at $69,500. A clear break above the $69,500 resistance could push the price higher. If indicated, the price could move higher and test the $70,000 resistance. Any more gains could push BTC towards the $71,200 resistance.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $69,500 resistance zone, another decline could begin. Immediate support for the downside is near the $68,000 level.
The first major support is $67,650. The next support is currently forming near $67,500. More losses could lead the price towards the $66,400 support area in the near term.
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 – $68,000, $67,500.
Key resistance levels – $69,000 and $69,500.