Bitcoin price is correcting gains in the $73,500 area. BTC is back below the $70,000 level and is showing some signs of weakness.
- Bitcoin began a new downtrend in the $73,500 range.
- The price is trading below $71,500 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 supporting $70,000.
- The pair is showing some bearish signs and may test the $68,500 support zone.
Bitcoin Price Trim Profit
Bitcoin price failed to trade at a new all-time high and began a downward correction at the $73,500 resistance zone. It has moved below the $72,500 and $72,000 support levels.
Prices fell below the 50% Fib retracement level of the bullish wave from the $65,531 swing low to the $73,575 high. Moreover, a break occurred below the main bullish trendline supporting $70,000 on the hourly chart of the BTC/USD pair.
Prices fell more than 5%, falling below $70,000. Bitcoin price is currently trading below $70,000 and the 100-hour simple moving average. It is currently approaching the $68,500 support and the 61.8% Fib retracement level of the bullish wave from the $65,531 swing low to the $73,575 high.
On the other hand, the price may face resistance near $70,000. The first major resistance is near the $70,500 level. A clear break above the $70,500 resistance could push the price higher. The next major resistance could be $71,200.
A break above the $71,200 resistance could lead to further gains. If indicated, the price could move higher to test the $72,500 resistance level. Any more gains may push the price towards the $73,200 resistance level. A test of $73,500 may be needed to see further gains.
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 $68,800 level.
The first major support is near the $68,500 level. The next support is now near the $67,400 area. More losses could push the price towards the $66,500 support 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 $67,400.
Key resistance levels – $70,000 and $71,200.