Bitcoin price extended its decline below the $68,000 level. BTC is now slowly moving towards the $66,250 support zone in the near term.
- Bitcoin extended its downward correction below the $68,000 zone.
- The price is trading below $68,500 and the 100 hourly simple moving average.
- A key bearish trend line is forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline unless it closes above the $68,500 level.
Bitcoin price falls further
Bitcoin price extended its downward correction below the $69,000 level. BTC bears were able to push the price below the $68,000 support. Finally, the price tested the $67,000 zone.
A low has been formed at $67,100 and the price is now consolidating losses. It recovered above the $67.5000 level and the 23.6% Fibonacci retracement level of the descending wave from the high of $70,600 to the low of $67,100, with a bearish angle.
Bitcoin is now trading below $68,500 and the 100 hourly simple moving average. On the upside, the price is facing resistance near the $68,000 level. There is also a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair.
The first major resistance could be $68,800 or the 50% Fibonacci retracement level of the descending wave from the high of $70,600 to the low of $67,100.
The next key resistance could be $69,250. A clear move above the $69,250 resistance could push the price higher. In the given case, the price could rise and test the resistance of $70,000. Any further gains could send BTC towards the $72,600 resistance.
More losses in BTC?
If Bitcoin fails to break above the $68,000 resistance zone, it could continue to decline. Immediate downside support is near the $67,250 level.
The first major support is $67,000. The next support is now forming near $66,250. Any further losses could send the price towards the $65,000 support zone in the near term.
Technical indicators:
MACD Hourly: The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) โ The RSI for BTC/USD is now above the 50 level.
Main support levels: $67,100, followed by $66,250.
Main resistance levels: $68,000 and $68,800.
