Bitcoin price recently failed to maintain above the $68,500 support level, resulting in extended losses and bearish signs below $68,800. The cryptocurrency started declining from the $70,150 resistance zone and is currently trading below $68,800 and the 100 hourly Simple Moving Average. A key bearish trend line with resistance at $69,500 is forming on the hourly chart, indicating a potential further decline if the price moves below $68,000.
In an attempt to increase above the $69,500 resistance, Bitcoin even surpassed the $70,000 zone but failed to sustain gains and dropped below $69,500 and $68,500 support levels. The price is currently 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 resistance near $68,800, the next major resistance levels are at $69,000 and $69,500, with a potential move towards $70,000 if the price breaks above the resistance.
Should Bitcoin fail to surpass the $69,500 resistance level, it could lead to further declines with immediate support near $68,000 and major support levels at $67,650 and $67,500. Additional losses might push the price towards the $66,400 support zone in the near future. Technical indicators show that the MACD is gaining pace in the bearish zone, while the RSI for BTC/USD is below the 50 level. Major support levels include $68,000 and $67,500, while resistance levels are at $69,000 and $69,500.
Overall, Bitcoin’s price movement shows a struggle to sustain above key resistance levels, resulting in a potential for further losses if the cryptocurrency fails to break above $69,500. Investors should closely monitor the price action and key support levels to anticipate potential movements in the near term. Additionally, considering technical indicators and resistance levels can help in making informed decisions regarding Bitcoin trading and investment strategies.
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