Bitcoin price started a sharp decline from well above $72,000. BTC is now consolidating and might extend losses unless there is a close above $70,000.
- Bitcoin started a sharp decline below $71,200 and $70,500.
- The price is trading below $70,500 and the 100 hourly simple moving average.
- There is a bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair might continue to decline if it stays below the $69,200 and $70,000 levels.
Bitcoin Price Dips Further
Bitcoin price started a sharp decline from well above $72,000. BTC declined below $71,200 and $70,000 to enter a short-term bearish zone.
The bears even pushed the price below $69,500. There was a move toward $67,500. A low was formed at $67,343, and the pair is now consolidating losses. There was a minor upward move above $68,000, but the price stayed well below the 23.6% Fib retracement level of the downward move from the $75,999 swing high to the $67,343 low.
Bitcoin is now trading below $70,000 and the 100 hourly simple moving average. Besides, there is a bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair.
If the price remains stable above $68,000, it could attempt a fresh increase. Immediate resistance is near the $69,000 level. The first key resistance is near the $69,200 level and the trend line. A close above the $69,200 resistance might send the price further higher.
In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send the price toward the $71,650 level or the 50% Fib retracement level of the downward move from the $75,999 swing high to the $67,343 low. The next barrier for the bulls could be $72,800.
Downside Extension In BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,250 level.
The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,000 support in the near term. The main support now sits at $63,500, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – 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.
Major Support Levels – $68,000, followed by $67,250.
Major Resistance Levels – $69,200 and $70,000.
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