Bitcoin is correcting its gains since the zone of $73,500. BTC has dropped below $70,000 and is showing some bearish signals.
- Bitcoin began a new decline after it reached the $73,500 area.
- This price trades below $71,500, and 100-hour Simple moving average.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. Support is at $70,000 (data from Kraken).
- There are some bearish signals and the pair may test $68,500 as a support level.
Bitcoin price trims gains
Bitcoin’s price has not been able to reach a new high and is now trading at a lower level. downside correction The resistance zone at $73,500 was breached. A move was made below the support levels of 72,500 and 72,000.
Price dropped below 50% of Fib’s retracement from the swing low at $65,531 to the high of $73,575 on the hourly chart. On the hourly BTC/USD charts, there is also a breakdown below a bullish trendline with support of $70,000.
There was a drop of over 5% in the price and a movement below $70,000. Bitcoin’s price has dropped below $70,000. 100 hourly Simple moving average. The price is approaching the support level of $68,500 and the Fib retracement levels of 61.8% for the uptrend from the swing low at $65,531 to the high $73,575
Price could be facing resistance at the level of $70,500. Near the $71,500 mark, we find our first major resistance. The price could move higher if it clears the resistance level of $70,500. Next, the price could face a key resistance at $71,200.
If the price closes above $71,200, it could lead to more gains. The price may rise to the level of $72,500 and then test it. Price gains could send it towards the resistance level of $73,200. If there are any more gains, the price could test $73,500.
BTC: What are the other downsides of BTC?
Bitcoin could fall further if it fails to break through the resistance level of $70,000. The $68,800 area is the immediate support to the downside.
Near the level of $68,500, we have our first significant support. Next support now lies near $67,400. In the short term, any further losses could send the price towards the $66,500 level.
Indicators of 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 – $68,500, followed by $67,400.
Major Resistance Levels – $70,000, and $71,200.
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Source: www.newsbtc.com
