Bitcoin price failed to stay above $70,000 and began another decline. BTC is now trading below $68,800 and could extend losses in the near term.
- Bitcoin is slowly moving down below $69,500 and $69,200.
- The price is trading near $68,400 and the 100 hourly simple moving average.
- There was a break below an uptrend line with support at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline again if it trades below the $68,400 and $68,000 levels.
Bitcoin price falls again
Bitcoin price failed to remain stable above the $70,000 zone. BTC started a new decline and traded below the $69,200 support zone. There was a push below $69,000.
The price fell below the 38.2% Fibonacci retracement level of the upward move from the low of $65,072 to the high of $70,935. Additionally, there was a break below an uptrend line with support at $69,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading near $68,400 and the 100 hourly simple moving average. If the price remains stable above $68,000, it could attempt a new rise. The immediate resistance is near the $68,800 level.
The first key resistance is near the $69,500 level. A close above the $69,500 resistance could push the price up further. In the given case, the price could rise and test the resistance of $70,000. Any further gains could send the price towards the $70,500 level. The next barrier for the bulls could be $72,000 and $72,500.
More losses in BTC?
If Bitcoin fails to break above the $69,500 resistance zone, it could start another decline. Immediate support is near the $68,200 level. The first major support is near the $68,000 level or the 50% Fibonacci retracement level of the upward move from the low of $65,072 to the high of $70,935.
The next support is now near the $67,350 area. Any further losses could send the price towards the $67,350 support in the near term. The main support now sits at $66,500, below which BTC might struggle to recover in the near term.
Technical indicators:
MACD Hourly: The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels: $68,000, followed by $66,500.
Main resistance levels: $69,500 and $70,000.
