Bitcoin price began a downward correction below the $70,000 level. BTC is currently testing the $68,800 support and may attempt a fresh hike.
- Bitcoin extended its decline below the $70,000 support zone.
- The price is trading above $68,000 and the 100-hour simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), there is a bearish trendline connecting with resistance at $70,000.
- Unless the pair closes below $68,800, another increase could begin.
Bitcoin price revisit support
Bitcoin price began a downward correction after struggling above the $71,500 level. A new weekly high was set at $71,896 and the price recently began a downward correction.
The price dipped below the $70,000 level and tested the 50% Fib retracement level of the bullish wave from the $66,046 swing low to the $71,896 high. There was also a spike below the $68,800 support area. Bulls are currently operating near the $68,800 region.
Bitcoin price is currently trading above $68,000 and the 100-hour simple moving average. The price is currently finding resistance near the $69,650 level. The first major resistance could be $70,000. On the hourly chart of the BTC/USD pair, there is also a connecting bearish trendline forming resistance at $70,000.
The next major resistance could be $70,500. A clear break above the $70,500 resistance could push the price higher. If stated, the price could move higher to test the $71,200 resistance.
If the bulls push the price higher, it could move towards the $71,800 resistance zone. Any more gains could push BTC towards the $72,500 resistance.
Downside of BTC Disruption?
If Bitcoin fails to rise above the $70,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $69,000 level.
The first major support is $68,800. The next support is currently forming near $67,420, or the 76.4% Fib retracement level of the upward wave from the $66,046 swing low to the $71,896 high. More losses could lead the price towards the $66,000 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 below the 50 level.
Key support levels – $69,000, then $68,800.
Key resistance levels – $70,000, $70,500, $71,200.