Bitcoin’s price has started a new decline after failing to hold above $70,00. BTC has fallen below the $68,800 mark and may extend losses.
- Bitcoin continues to fall, slowly, below $69500 and $69200.
- The 100 hourly moving average and the price are both nearing $68,400.
- On the BTC/USD hourly chart, there was a breakdown below the bullish trendline with support at $69,000 (data from Kraken).
- It is possible that the pair will dip again, if trading below levels of $68,400 to $68,000.
Bitcoin price drops again
Bitcoin failed to hold above the $70,00 zone. BTC has started to decline again and is now trading under the $70,000 mark. $69,200 support zone. The price of the car dropped below $69,000.
Price dropped below the Fib 38.2% retracement of the move upward from the swing low at $65,072 to the high at $70,935 On the BTC/USD hourly chart, a breakout below the $69500 bullish support trendline was also observed.
Bitcoin now trades at around $68,400. 100 hourly simple moving average. It could try to increase again if the price stays above $68,000. The immediate resistance level is around $68,800.
Near the level of $69 500, we find our first major resistance. The price could rise if it closes over the $69500 level. The price may rise in the case stated and reach the resistance of $70,000. If the price continues to rise, it could reach the $72,500 level. Bulls may face a next hurdle of $72,000 or $72,500.
BTC Losses Increased?
Bitcoin’s next decline could be triggered if the price fails to move above $69 500. The immediate support level is around $68,200. The $68,000 support level is the first significant level. It represents the 50 percent Fib retracement of the uptrend from the swing low at $65,072 to the high price of $70.935.
Next support zone is near $67.350. Price could drop to $67,350 in near-term if there are any more drops. BTC may struggle to recover below the $66,500 support level in the short term.
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 – $68,000, followed by $66,500.
Major Resistance Levels – $69,500 and $70,000.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com
