Bitcoin failed to hold above the $72,000 barrier. BTC is now moving down towards $67.500, where it has corrected previous gains.
- Bitcoin was unable to overcome the $72,000- and $72,500-level resistance.
- Price is below $70,00 and 100-hour Simple Moving Average.
- A break was seen below the bullish major trendline with support at $70,400 in the BTC/USD hourly chart (data feed by Kraken).
- If the pair breaks through $68,500, it could move further down.
Bitcoin price trims gains
The Bitcoin price has seen a nice increase over the previous month. $70,000 resistance zone. BTC has even cleared resistance levels at $71,200 & $72,000 but the upside was limited.
Near the $72,500 area, we can see that bears are forming. Near the $72,609 mark, a new high appeared and price battled to stay above the $72,000 mark. A new bearish response was seen below the $71,200 mark. The price fell below the Fib 50% retracement of the move upward from the $68,955 swing-low to the $72,609 peak.
On the hourly BTC/USD chart, there was a breakdown below the major bullish line. The support is near $71,400. Bitcoin now trades below $70,000, and is trading under the hourly Simple Moving Average of 100.
Bulls now protect the $68,500 level and 61.8% of Fib’s retracement from the swing low at $68,955 to the high at $72,609. Near the $69500 level, and then the 100 hourly Simple moving average.
First, you might have to resist $70,000. First, you might have to pay $70,000. next Resistance is currently at $71,200. Price could increase if the zone of resistance at $71,200 is broken.
Source: BTCUSD on TradingView.com
Price could reach $72,000. The price of the vehicle could reach $72,000 in this case. next Major resistance lies near $72,500. Bitcoin may soon reach $73,500 as a resistance level.
BTC: What are the other downsides of BTC?
Bitcoin could fall further if it fails to break through the resistance level of $70,000. Near the $68,500 support level, there is immediate support for the downside.
First, $67.500 is a major level of support. A close below $67.500 could trigger a price drop towards $66,000. If the price continues to drop, it could soon reach the $65,000 zone of support.
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 $67,500.
Major Resistance Levels – $69,500, $70,000, and $71,200.
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