Bitcoin price is gradually losing momentum and struggling below $70,000. BTC is currently facing a hurdle as it consolidates near the $69,500 resistance zone.
- Bitcoin is facing a number of significant obstacles around the $70,000 mark.
- The price is trading above $69,500 and the 100 hourly simple moving average.
- There is a significant bearish trend line forming with resistance at $69,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- If it breaks below the $70,000 zone, the currency pair may continue to fall.
Bitcoin price remains below $70,000
Bitcoin price found support above the $66,000 level and started to rise again. BTC managed to break out of the $68,000 resistance zone. However, the bears remained active near the $69,500 and $70,000 levels.
The high was formed near $69,608 and the price is now correcting the upside. It has moved below the 23.6% Fib retracement level of the rise from the swing low of $66,250 to the high of $69,608. It has also tested the support zone at $68,000.
Bulls are currently active near the 50% Fib retracement level of the rise from the swing low of $66,250 to the high of $69,608. Bitcoin price is trading above $69,500 and the 100 hourly simple moving average.
If there is a renewed upswing, the price might face resistance near $69,000. Also, a significant bearish trend line is forming with resistance at $69,100 on the hourly chart of the BTC/USD pair. The first major resistance might be at $69,500.
The next key resistance could be at $70,000. A clear breakout above the $70,000 resistance could lead to a price surge. In the aforementioned case, the price could rise and test the $71,200 resistance. Further upside could see BTC heading towards the $72,000 resistance.
Further BTC losses?
If Bitcoin fails to climb above the $69,500 resistance zone, it can continue to fall, with the immediate support on the downside near the $68,000 level.
The first major support is at $67,500. The next support is currently forming near $67,000. Any further losses could send the price towards the $65,500 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently below the 50 level.
Key support levels – $67,500, followed by $67,000.
Key resistance levels – $69,100 and $69,500.
