Bitcoin price began another decline away from the $70,000 resistance zone. BTC fell more than 5% and moved below the $67,500 support level.
- Bitcoin price is gaining bearish momentum around the $70,000 resistance zone.
- The price is trading below $68,500 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 with resistance near $68,400.
- In the short term, the decline may extend to the $64,000 support area.
Bitcoin price turns red
Bitcoin price has struggled to break above the $70,000 resistance zone. BTC reacted to the downside after breaking the $69,200 support zone. There was a sharp move below the $68,500 level.
The price also fell below the $67,000 level. Finally, a bearish angle tested $66,000. A low was made around $65,992 and the price is currently recovering. There was a move above the $66,800 level.
The price broke above the 23.6% Fib retracement level moving down from the $69,884 swing high to the $65,992 low. However, Bitcoin is currently trading below $68,500 and the 100-hour simple moving average. The hourly chart of BTC/USD also has a major bearish trend line forming with resistance near $68,400.
Immediate resistance is near the $68,000 level. This is close to the 50% Fib retracement level of the downward move from the $69,884 swing high to the $65,992 low. The first major resistance could be $68,500 and the trend line. If there is a clear move above the $68,500 resistance zone, the price could start a fresh rise.
Source: TradingView.com BTCUSD
If indicated, the price may rise towards the $70,000 resistance zone in the near term. The next major resistance is near $71,500.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $66,000 level.
The first major grant is $65,000. The next grant is $64,000. If it closes below $64,000, the price may start to fall towards the $62,500 level. More losses could push the price towards the $60,500 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 – $66,000, then $65,000.
Key resistance levels – $68,000, $68,500 and $70,000.
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