Bitcoin price failed to maintain above $70,500 and fell further. BTC has currently consolidated below $70,500 and could continue to fall.
- Bitcoin began a new downward trend above the $71,200 level.
- The price is trading below $70,500 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trendline forming at resistance $70,050.
- If it stays below the $70,000 and $70,500 levels, the pair could begin another decline.
Bitcoin price falls further
Bitcoin price failed to continue rising above $72,000 and reacted to the downtrend. BTC pared its gains and fell below the $71,200 support.
The decline pushed the price below $70,500 and $70,000. Prices tested the $68,000 area. A low was formed at $68,115 and the price is currently consolidating losses near the 23.6% Fib retracement level moving down from the $71,985 swing high to the $68,115 low.
Bitcoin is currently trading below $70,200 and the 100-hour simple moving average. The hourly chart of the BTC/USD pair also has a bearish trendline with resistance forming at $70,050.
If the price remains stable above $68,200, a new increase could be attempted. Immediate resistance is near the $69,200 level. The first major resistance is near the $70,000 level and trendline. A break above the $70,000 resistance could push the price higher.
If indicated, the price could move higher to test the $70,500 resistance or the 61.8% Fib retracement level for a downside move from the $71,985 swing high to the $68,115 low. More profits could push the price higher to the $71,200 level. The next barrier for the bulls could be $72,000.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, another decline could begin. Immediate support is near the $68,400 level. The first major support is near the $68,000 level.
The next support is now near the $67,200 area. More losses could push the price towards the $66,800 support in the near term. Key support is currently at $65,500, below which BTC may find it difficult to recover in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.
Key support levels – $68,400, then $68,000.
Key resistance levels – $70,000 and $70,500.