Bitcoin price failed to settle above the $72,000 resistance level. BTC has corrected its gains and is now falling towards the $67,500 support zone.
- Bitcoin struggled to clear the $72,000 and $72,500 resistance levels.
- Price is trading below $70,000 and the 100 hourly simple moving average.
- On the hourly chart of the BTC/USD pair (data feed from Kraken), the pair broke below the main bullish trend line with support around $70,400.
- A breakout of the $68,500 support level could cause the pair to fall further.
Bitcoin price cuts profits
Bitcoin price has risen significantly above the $70,000 resistance zone. BTC also cleared the $71,200 and $72,000 resistance levels, but upside was limited.
The bears appeared near the $72,500 zone. A high formed near the $72,609 level, and the price struggled to settle above the $72,000 level. A new bearish reaction was seen below the $71,200 level. Price fell below the 50% Fib retracement level of the bull market from the swing low of $68,955 to the high of $72,609.
On the hourly chart of the BTC/USD pair, the pair broke below the main bullish trend line with support around $70,400. Bitcoin is currently trading below $70,000 and its 100-hour simple moving average.
The bulls are currently defending the support at $68,500 and the 61.8% Fib retracement level of the bull market from the swing low of $68,955 to the high of $72,609. Immediate resistance is near the $69,500 level and the 100-hourly simple moving average.
The first major resistance level could be at $70,000. The next resistance level is currently located at $71,200. A clear move above the $71,200 resistance zone could cause the price to start a new upward move.
Source: BTCUSD on TradingView.com
In the above case, the price could rise towards $72,000. The next major resistance level is near the $72,500 zone. Any further rally could send Bitcoin heading towards the $73,500 resistance zone in the near term.
What are the further drawbacks of BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, the decline could continue. Immediate support on the downside is near the $68,500 level.
The first major support is at $67,500. If the closing price falls below $67,500, the price may start to fall towards the $66,000 level. Any further losses could send the price towards the $65,000 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 – $68,500, then $67,500.
Key resistance levels – $69,500, $70,000, $71,200.
