Bitcoin price began a new downward trend below the $70,000 level. BTC is consolidating and could continue to decline if it falls below $66,000.
- Bitcoin failed to stay above $70,500 and losses widened.
- The price is trading below $70,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trendline forming with resistance near $68,000.
- A stay below the $67,500 and $68,500 levels could lead the pair to extend losses.
Bitcoin price plummets
Bitcoin price failed to stay above the $72,000 support area. BTC remained in bearish territory and losses extended below the $70,500 level. There was a move below the $70,000 level.
The price fell below $67,200. A low was formed at $66,111 and the price is currently consolidating losses at a bearish angle below the 23.6% Fib retracement level moving down from the $74,070 swing high to the $66,111 low.
Bitcoin is currently trading below $70,000 and the 100-hour simple moving average. If the price remains stable above $66,000, a new increase could be attempted. Immediate resistance is near the $68,000 level. On the hourly chart of the BTC/USD pair, there is also a bearish trend line forming with resistance near $68,000.
The first major resistance is near the $68,500 level. A break above the $68,500 resistance could push the price higher. If stated, the price could move higher to test the $70,000 resistance and the 50% Fib retracement level for a downward move from the $74,070 swing high to the $66,111 low. More profits could push the price higher to the $71,500 level. The next barrier for the bulls could be $72,000.
Accelerating Downside of BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, another decline could begin. 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 area. More losses could push the price towards the $64,200 support in the near term. Key support is currently at $63,500, below which BTC may find it difficult to recover 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 – $66,000, then $65,000.
Key resistance levels – $68,000 and $70,000.