Bitcoin price extended its decline below the $68,000 level. BTC is currently slowly heading towards the $66,250 support zone in the near future.
- Bitcoin extended its downside correction below the $68,000 zone.
- The price is trading below $68,500 and Simple’s 100-hour moving average.
- A key bearish trend line is forming on the hourly chart of the BTC/USD pair with resistance at $67,900 (feeding data from Kraken).
- The pair may continue to fall unless there is a close above the $68,500 level.
Bitcoin prices continue to fall
Bitcoin price extended its downward correction below the $69,000 level. BTC bears were able to push the price below the $68,000 support. Finally, the price tested the $67,000 zone.
The bottom was formed at $67,100 and the price is currently consolidating losses. The stock has returned above the $67,5000 level and the 23.6% Fib retracement level in a bearish wave from a $70,600 high to a low of $67,100.
Bitcoin is currently trading below $68,500 and the 100-hour basic moving average. On the other hand, the price is facing resistance near the $68,000 level. A key bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance at $67,900.
The first major resistance could be $68,800 or the 50% Fib retracement level of the downward wave from the high of $70,600 to the low of $67,100.
The next key resistance could be $69,250. A clear move above the resistance at $69,250 could result in a price enhance. In the given case, the price may move higher and test the resistance at $70,000. Any further gains could push BTC towards the resistance at $72,600.
Greater BTC losses?
If Bitcoin fails to rise above the $68,000 resistance zone, it may continue to decline. Immediate downside support is located near the $67,250 level.
The first major pledge is $67,000. The next support level is currently around $66,250. Any further losses could push the price towards the $65,000 support zone in the near future.
Technical Indicators:
Hourly MACD – The MACD is currently losing momentum in a bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently above the 50 level.
Main support levels – $67,100, then $66,250.
Major resistance levels – $68,000 and $68,800.
