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The price of Bitcoin (BTC) was unable to maintain its position above the $68,500 support level and has now declined below $68,000. BTC has continued to experience losses and is currently exhibiting bearish trends beneath the $68,800 mark.
- Bitcoin has initiated another drop from the $70,150 resistance area.
- The price is trading below $68,800 and the 100 hourly Simple Moving Average.
- A significant bearish trend line is developing with resistance at $69,500 on the hourly chart for the BTC/USD pair (data feed from Kraken).
- The pair may decline further if there is a decisive move below the $68,000 threshold.
Bitcoin Price Dips Again
The price of Bitcoin made an attempt to rise above the $69,500 resistance area. BTC even surpassed the $70,000 resistance level but was unable to sustain the upward momentum.
A peak was reached at $70,142 before a new decline occurred.
The price fell below the support levels of $69,500 and $68,500.
BTC Price Chart | Source: Coinstats
A low of $67,920 was established, and the price is currently consolidating losses near the 23.6% Fibonacci retracement level of the downward movement from the $70,142 swing high to the $67,920 low.
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Bitcoin is presently trading below $69,500 and the 100 hourly Simple Moving Average. On the upside, the price encounters resistance around the $68,800 level.
The initial significant resistance may be at $69,000, coinciding with the 50% Fibonacci retracement level of the decline from the $70,142 swing high to the $67,920 low.
The next crucial resistance could be at $69,500. Additionally, a key bearish trend line is forming with resistance at $69,500 on the hourly chart of the BTC/USD pair.
A clear breakthrough above the $69,500 resistance could propel the price higher. In such a scenario, the price may rise and test the $70,000 resistance. Further gains could push BTC towards the $71,200 resistance.
More Losses In BTC?
If Bitcoin does not manage to rise above the $69,500 resistance zone, it may initiate another decline. Immediate support on the downside is located near the $68,000 level.
The first major support is at $67,650. The next support is forming near $67,500. Additional losses could lead the price towards the $66,400 support zone in the near term.
Technical Indicators:
- Hourly MACD – The MACD is currently gaining momentum in the bearish zone.
- Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 mark.
- Major Support Levels – $68,000, followed by $67,500.
- Major Resistance Levels – $69,000, and $69,500.
Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
