Bitcoin price started falling again from the $70,000 resistance zone. BTC is down more than 5% and has moved below the support at $67,500.
- Bitcoin price is gaining bearish momentum from the $70,000 resistance zone.
- The price is trading below $68,500 and the 100-hour simple moving average.
- There is a significant bearish trend line forming resistance near $68,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- In the short term, the decline could extend towards the $64,000 support zone.
Bitcoin price turns red
Bitcoin price struggled to settle above the $70,000 resistance zone. BTC reacted on the downside after breaking the $69,200 support zone. There was a sharp rally below the $68,500 level.
Prices fell below the $67,000 level. Finally, we tested $66,000 on a bearish angle. The low was formed around $65,992 and the price is currently attempting a recovery wave. There was a move above the $66,800 level.
Price rose above the 23.6% Fib retracement level of the decline from the swing high of $69,884 to the low of $65,992. However, Bitcoin is currently trading below $68,500 and its 100-hour simple moving average. There is also a major bearish trendline on the BTC/USD hourly chart that forms resistance near $68,400.
Immediate resistance is near the $68,000 level. This is close to the 50% Fib retracement level of the decline from the swing high of $69,884 to the low of $65,992. The first major resistance level could be $68,500 and the trendline. A clear move above the $68,500 resistance zone could cause the price to start a new upward move.
Source: BTCUSD on TradingView.com
In the above case, the price may rise towards the $70,000 resistance zone in the short term. The next major resistance level is near the $71,500 zone.
Further losses for BTC?
If Bitcoin fails to rise above the $68,000 resistance zone, the decline could continue. Immediate support on the downside is near the $66,000 level.
The first major support is $65,000. The next support is $64,000. If the closing price falls below $64,000, the price may start falling towards the $62,500 level. Any further losses could send the price towards the $60,500 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support level – $66,000, then $65,000.
Key resistance levels – $68,000, $68,500, $70,000.
