Bitcoin price struggled to stay above $70,000 and corrected its upward trend. BTC is currently trading below $69,000 and showing some signs of weakness.
- Bitcoin extended its downward correction below $69,000.
- The price is trading below $69,000 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 $67,600.
- Unless it moves below the $67,500 support, the pair could start another increase.
Bitcoin price revisit support
Bitcoin price began a downward correction after failing to stay above the $70,000 support. BTC fell below the $69,200 and $68,500 support levels.
The price fell below the support level of $67,500. The low was formed at $67,243 and the price is currently consolidating losses. It broke above the $68,000 level and the 23.6% Fib retracement level, moving downward from the $70,600 swing high to the $67,243 low.
Bitcoin is currently trading below $69,000 and the 100-hour simple moving average. However, there is a major bullish trendline with support at $67,600 on the hourly chart of the BTC/USD pair.
In case of a fresh price hike, the price may face resistance near the $68,800 level. The first major resistance could be the 50% Fib retracement level at $69,000 or a downside move from the $70,600 swing high to the $67,243 low.
The next major resistance could be $69,550. A clear break above the $69,550 resistance could push the price higher. If indicated, the price could move higher to test the $70,600 resistance. Any more gains could push BTC towards $72,000 resistance.
Will there be more losses in BTC?
If Bitcoin fails to rise above the $69,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $67,650 level and trend line.
The first major support is $67,500. 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 currently losing pace in bearish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $67,500, then $66,250.
Key resistance levels – $69,000 and $70,600.