Bitcoin prices continued their decline beneath the $68,000 mark. BTC now moves slowly lower to the $66,250 zone of support in the near-term.
- Bitcoin continued its downward correction beneath the $68,000 area.
- It is currently trading at a price below $68.500, and it’s moving lower than the 100-hour Simple Moving average.
- On the hourly BTC/USD chart, there is a major bearish trendline with resistance around $67.900 (data from Kraken).
- It is possible that the pair will continue to fall unless it closes above $68,500.
Bitcoin price drops further
Bitcoin continued to fall below $69,000. BTC’s bears succeeded in pushing the price of BTC below the $68,000 level. The price finally tested the $67,000 area.
The price has now reached a low of $67,100. It is consolidating its losses. With a bearish bias, it recovered above $67.5000 and the Fib 23.6% retracement of the downward movement from the swing high at $70.600 to the $67.100 low.
Bitcoin now trades below the Simple Moving Average 100-hourly and $68,500. Price is now facing resistance on the upside near $68,000. On the hourly BTC/USD chart, a bearish trendline is forming at resistance of $67900.
If you are looking for a major resistance, the first one could be at $68,800. This is the level where the 50 percent Fib retracement of the decline from the high swing price of $70 600 to the low point $67 100 can occur.
A clear move above the $69,250 resistance might send the price higher. If the price moves above $69,250 clearly then it could send the market higher. The price may rise to test $70,000 as stated in the case. BTC could reach the $72,600 barrier if it gains any more.
BTC Losses Increased?
Bitcoin may continue its downward trend if it cannot break the resistance zone of $68,000. Near the $68,250 level, there is immediate support for the downside.
First major support of $67,000. Next support will be near $66,250. In the short term, any further losses could send the price towards the $65,000 zone of support.
The following are technical indicators.
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $67,100, followed by $66,250.
Major Resistance Levels – $68,000, and $68,800.
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Source: www.newsbtc.com
