Bitcoin price failed to break the $72,000 resistance level. BTC has revised its gains and is now heading lower towards the $67,500 support area.
- Bitcoin struggled to break through the $72,000 and $72,500 resistance levels.
- The price is trading below $70,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the main bullish trendline with support around $70,400.
- A break above the $68,500 support level could lead the pair to continue falling.
Bitcoin Price Trim Profit
Bitcoin price rose significantly above the $70,000 resistance zone. BTC also overcame resistance levels at $71,200 and $72,000, but the upside was limited.
The bear appeared near the $72,500 area. A high was made near $72,609 and the price struggled to break above the $72,000 level. A new bearish reaction was seen below the $71,200 level. The price fell below the 50% Fib retracement level, rising from the $68,955 swing low to the $72,609 high.
On the hourly chart of the BTC/USD pair, a break occurred below the main bullish trendline with support around $70,400. Bitcoin is currently trading below $70,000 and the 100-hour simple moving average.
Bulls are now protecting the $68,500 support and the 61.8% Fib retracement level of the rise from the $68,955 swing low to the $72,609 high. Immediate resistance lies near the $69,500 level and the 100-hourly simple moving average.
The first major resistance could be $70,000. The next resistance level is currently at $71,200. If there is a clear move above the $71,200 resistance zone, the price could start a new rise.
Source: TradingView.com BTCUSD
If specified, the price could go as high as $72,000. The next major resistance is near $72,500. If more gains occur, Bitcoin may head towards the $73,500 resistance zone in the near term.
Are there more downsides to BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $68,500 level.
The first major support is $67,500. If it closes below $67,500, the price may start to fall towards the $66,000 level. More losses could push the price towards the $65,000 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 – $68,500, then $67,500.
Key resistance levels – $69,500, $70,000 and $71,200.
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