Bitcoin Price Falls: Will Bulls Overcome Selling Pressure?

Bitcoin price has started a downward correction from the $70,000 resistance. BTC is currently correcting gains and could extend losses if it trades below $66,000.

Bitcoin reached around $70,000 and began a downward correction.
The price is trading below $68,500 and the 100-hour elementary moving average.
On the hourly chart of the BTC/USD currency pair (data from Kraken), there was a breakout of the key uptrend line with support at USD 68,620.
The pair may continue to decline if it fails to stay above the support zone at USD 66,000.

Bitcoin Price Falls Again From $70,000

Bitcoin price continued to rise above the $68,500 resistance zone. BTC even surged towards the $70,000 resistance zone. However, it failed to stay near $70,000 and a downward correction began.

There was a move below the $68,500 and $68,000 support levels. Moreover, there was a break of the key bullish trendline with support at $68,620 on the hourly chart of the BTC/USD pair. The pair even fell below the $66,500 support zone.

$66,000 zone tested. Low formed at $66,063 and price is now consolidating losses. Bitcoin price is trading below $68,500 and 100-hour elementary moving average.

On the other hand, the price could face resistance near the $67,000 level. The first key resistance is near the $67,200 level or the 23.6% Fibonacci retracement level of the downward move from the $69,985 high to the $66,036 low. A clear move above the $67,200 resistance could trigger further price growth in the coming sessions.

The next key resistance could be $68,000 or the 50% Fibonacci retracement level of the downward move from the $69,985 high to the $66,036 low. The next major obstacle is at $68,500. A close above the $68,500 resistance could trigger a move higher. In this case, the price could rise and test the $70,000 resistance.

More BTC losses?

If Bitcoin fails to rebound above the $67,200 resistance zone, it could begin another decline. Immediate support on the downside is near the $66,000 level.

The first major support is $65,500. The next support is now near $65,000. Any further losses could push the price towards the $63,500 support zone in the near future.

Technical indicators:

Hourly MACD – MACD is now gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for the BTC/USD pair is currently below the 50 level.

Major support levels – $66,000 followed by $65,500.

Major resistance levels – USD 67,200 and USD 68,000.