Bitcoin price is still struggling to clear the $70,000 resistance. BTC is falling slowly and may soon fall to the $67,000 support level.
- Bitcoin price is struggling to break the $69,500 and $70,000 levels.
- The price is trading above $68,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline with support at $68,000.
- The pair could continue falling and trade towards the $67,000 support area.
Bitcoin price consolidation begins
Bitcoin price made another attempt to gain strength above the $69,000 level. BTC cleared the $69,500 level, but bears remained active near the $70,000 resistance zone.
A high was reached at $69,981 and the price began a downward correction. There was movement below the $69,500 and $69,200 levels. Prices fell below the 23.6% Fib retracement level of the bullish wave from the $65,200 swing low to the $69,981 high.
Bitcoin is currently trading above $68,000 and the 100-hour simple moving average. There is also a major bullish trendline with support at $68,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the bullish wave from the $65,200 swing low to the $69,981 high.
Immediate resistance is near the $68,850 level. The next major resistance could be $69,200, above which the price may rise towards the $69,500 resistance zone.
Source: TradingView.com BTCUSD
In case of a clear break above the $69,500 resistance zone, the price may try to move above the $70,000 resistance zone. More profits could push the price higher to the $72,000 level.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $68,850 resistance zone, another decline could begin. Immediate support for the downside is near the $68,000 level and trend line.
The first major support is $67,000. If it closes below $67,000, the price could begin a significant decline towards the $65,500 level. Any more losses could lead the price towards the $64,400 support area.
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 – $68,000, then $67,000.
Key resistance levels – $68,850, $69,200 and $69,500.
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