The price of Bitcoin has experienced a decline recently, failing to remain above the $68,500 support zone and showing bearish signs below the $68,800 level. The cryptocurrency began another decline from the $70,150 resistance zone, trading below $68,800 and the 100 hourly Simple moving average. A key bearish trend line is forming with resistance at $69,500 on the hourly chart of the BTC/USD pair, indicating the possibility of further declines if there is a clear move below the $68,000 level.
Bitcoin attempted to increase above the $69,500 resistance zone and even broke the $70,000 zone, reaching a high of $70,142 before experiencing a fresh decline. The price fell below the $69,500 and $68,500 support levels, with a low at $67,920. Currently, the price is consolidating losses near the 23.6% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low. With Bitcoin trading below $69,500 and the 100 hourly Simple moving average, the price faces resistance near the $68,800 level, with potential further resistance at $69,000 and the 50% Fib retracement level.
If Bitcoin is unable to surpass the $69,500 resistance zone, it could experience another decline, with immediate support near the $68,000 level. The first major support is at $67,650, followed by $67,500, and any further losses could lead the price towards the $66,400 support zone in the near term. Technical indicators such as the MACD and RSI for BTC/USD are currently showing bearish signals, indicating potential downward movement. Major support levels include $68,000 and $67,500, while major resistance levels are at $69,000 and $69,500.
In conclusion, Bitcoin has faced downward pressure, failing to maintain support levels and facing resistance at key levels. The cryptocurrency’s price action suggests a potential for further declines if key support levels are broken, with resistance levels to watch for any potential upside movement. Traders and investors should closely monitor the technical indicators and key levels to gauge the direction of Bitcoin’s price movement in the coming days.
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