Bitcoin price extended losses and traded below the $68,800 support level. BTC is now facing a hurdle as it consolidates near the $70,000 resistance zone.
- Bitcoin extended its decline below the $68,800 support zone.
- The price is trading below $69,000 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 $69,200.
- Unless the bulls push it back above $70,000, the pair could continue to move.
Bitcoin price discount support
Bitcoin price began a downward correction below the $70,000 support zone. BTC bears could push the price below the key support level at $68,800. This triggered a bearish move and the price fell to $66,250.
The low was formed at $66,250 and the price is currently consolidating losses. There was a slight increase from the $67,250 level. The price broke above the 23.6% Fib retracement level moving down from the $70,500 swing high to the $66,250 low.
However, bears are active near the $68,350 level and the 50% Fib retracement level with a downward move from the $70,500 swing high to the $66,250 low. Bitcoin price is currently trading below $69,000 and the 100-hour simple moving average.
In case of a fresh price hike, the price may face resistance near the $68,350 level. The first major resistance could be at $68,800. On the hourly chart of the BTC/USD pair, there is also a major bearish trend line forming with resistance at $69,200.
The next major resistance could be $70,000. A clear break above the $70,000 resistance could push the price higher. If indicated, the price could move higher and test the $70,500 resistance.
If the bulls push the price higher, it could move towards the $71,200 resistance zone. Any more gains could push BTC towards the $71,800 resistance.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $69,800 resistance zone, it may continue to fall. Immediate support for the downside is near the $67,250 level.
The first major support is $66,800. The next support is currently forming near $66,250. More losses could push the price towards the $65,000 support area 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 – $67,250, then $66,250.
Key resistance levels – $68,350, $68,800 and $70,000.