Bitcoin price continued its downward trend below the $68,000 level. BTC is now slowly falling towards the $66,250 support area in the near-term.
- Bitcoin extended its downward correction below $68,000.
- The price is trading below $68,500 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 $67,900.
- Unless the price closes above the $68,500 level, the pair could continue to fall.
Bitcoin price falls further
Bitcoin price extended its downward correction below the $69,000 level. BTC declines could push the price below the $68,000 support. Finally, the price tested the $67,000 area.
The low was formed at $67,100 and the price is currently consolidating losses. It recovered the 23.6% Fib retracement level of the bearish wave from the $67,5000 level and the $70,600 swing high to the $67,100 low, showing a bearish angle.
Bitcoin is currently trading below $68,500 and the 100-hour simple moving average. Meanwhile, the price is finding resistance near $68,000. The hourly chart of the BTC/USD pair also has a major bearish trendline forming resistance at $67,900.
The first major resistance could be $68,800 or the 50% Fib retracement level of the bearish wave from the $70,600 swing high to the $67,100 low.
The next major resistance could be $69,250. A clear break above the $69,250 resistance could push the price higher. If indicated, the price could move higher and test the $70,000 resistance. Any more gains could push BTC towards the $72,600 resistance.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $67,250 level.
The first major support is $67,000. 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 above the 50 level.
Key support levels – $67,100, then $66,250.
Key resistance levels – $68,000 and $68,800.