Bitcoin price failed to stay above $68,800 and began another downtrend. BTC is currently trading below $67,500 and losses may widen in the near term.
- Bitcoin is slowly falling below $68,000 and $67,500.
- The price is trading below $67,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a bearish trendline forming at resistance $67,500.
- The pair could fall again if it trades below the $66,000 and $65,000 levels.
Bitcoin price falls further
Bitcoin price failed to remain stable above $68,800. BTC began a new downtrend, trading below the $68,000 support zone. It fell below $67,000.
The price fell below the 50% Fib retracement level of the rise from the $60,500 swing low to the $72,255 high. The decline even pushed the price below $65,500. Moreover, on the hourly chart of the BTC/USD pair, there is a bearish trend line with resistance forming at $67,500.
Bitcoin is currently trading below $67,000 and the 100-hour simple moving average. If the price remains stable above $65,000, a new increase can be attempted. Immediate resistance is near the $67,500 level and trend line.
The first major resistance is near the $68,000 level. A break above the $68,000 resistance could push the price higher. If indicated, the price could move higher to test the $69,200 resistance. More profits could push the price higher to the $70,500 level. The next barriers on the upside could be $72,000 and $72,500.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, another decline could begin. Immediate support is near the $65,500 level. The first major support is near the $65,000 level or the 61.8% Fib retracement level of the rise from the $60,500 swing low to the $72,255 high.
The next support is now near the $62,750 area. More losses could push the price towards the $61,200 support in the near term. Key support is currently at $60,500, 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 – $67,500 and $68,000.