From well above $72,000, the Bitcoin price has started to fall sharply. BTC consolidates and may extend losses, unless it closes above $70,000.
- Bitcoin’s price started to fall sharply below $71,200.
- The price has fallen below $75,000 and the 100-hour simple moving average.
- The hourly chart for the BTC/USD pairs shows a trendline that is bearish. It has a resistance of $69,200. (Data feed by Kraken)
- If the pair stays below $69,200 or $70,000 it could continue to fall.
Bitcoin Price Drops Even Further
The Bitcoin price began a rapid decline after it had risen above $72,000. BTC fell below $71,200, and then $70,000. It entered a short term bearish zone.
Even below $69 500, the bears pushed down the price. The price moved towards $67,500. At $67.343, a new low has been formed, and now the pair is consolidating. losses. A minor increase above $68,000 was seen, however the price of gold stayed below the 23,6% Fib level of the move downward from the 75,999 swing low to the $67343 low.
Bitcoin has now fallen below the $70,000 mark. 100 hourly simple moving average. On the hourly BTC/USD chart, a trend line is also forming, with resistance around $69,200.
It could try to increase again if the price stays above $68,000. Near the $69,000 mark, there is immediate resistance. Near the $69200 level, and near the trend line, is the first major resistance. If the price closes above $69,200 and the trend line, it could send the market higher.
Price could test $70,000 as resistance in this case. The price could reach the level of $71,650, or even the Fib 50% retracement, if it continues to rise. This is the level where the move down from the swing high at $75,999, and the low $67343, began. Next up for bulls is $72,800.
What is the downside of BTC extension?
Bitcoin’s decline could be accelerated if Bitcoin does not rise above $70,000. The immediate support level is around $68,000. First major support nears the $68,250 level.
In the near term, any further losses could send the price towards $65,000 support. Price could drop to $65,000 in near-term if there are any more losses. BTC’s main support is currently $63,500. Below this level, BTC may struggle to recover.
The following are 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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Source: www.newsbtc.com
