Bitcoin price is slowly losing momentum and struggling below $70,000. BTC is currently facing a hurdle as it consolidates near the $69,500 resistance zone.
- Bitcoin faces a number of major hurdles near $70,000.
- The price is trading above $69,500 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 $69,100.
- If it stays below the $70,000 area, the pair may continue to decline.
Bitcoin price stagnates below $70,000
Bitcoin price found support above the $66,000 level and began another rise. BTC was able to clear the $68,000 resistance zone. However, the bears were actively trading near the $69,500 and $70,000 levels.
A high was made near $69,608 and the price is currently correcting an upward trend. It has moved below the 23.6% Fib retracement level of the upward move from the $66,250 swing low to the $69,608 high. It even tested the $68,000 support zone.
The uptrend is currently active near the 50% Fib retracement level, rising from the $66,250 swing low to the $69,608 high. Bitcoin price is trading above $69,500 and the 100-hour simple moving average.
If there is a fresh price hike, the price may face resistance near the $69,000 level. The hourly chart of the BTC/USD pair also has a major bearish trendline forming resistance at $69,100. The first major resistance could be $69,500.
The next major resistance could be $70,000. A clear break above the $70,000 resistance could push the price higher. If stated, the price could move higher to test the $71,200 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 $69,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $68,000 level.
The first major support is $67,500. The next support level is currently forming near $67,000. More losses could lead the price towards the $65,500 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 below the 50 level.
Key support levels – $67,500, then $67,000.
Key resistance levels – $69,100 and $69,500.