Bitcoin price failed to stay above $70,000 and began another decline. BTC is currently trading below $68,800 and may escalate losses in the near future.

• Bitcoin is slowly falling below $69,500 and $69,200.
• The price is trending near $68,400 and the 100-hour basic moving average.
• On the hourly chart of the BTC/USD pair, there was a break below the bullish trend line with support at $69,500 (powered by data from Kraken).
• The pair could fall again if it falls below the $68,400 and $68,000 levels.

Bitcoin prices are falling again

Bitcoin price failed to stay above the $70,000 zone. BTC started a fresh decline and was trading below the support zone at $69,200. There was a drop below $69,000.

The price fell below the 38.2% Fib retracement level, the result of an upward move from a low of $65,072 to a high of $70,935. Additionally, there was a break below the bullish trendline with support at $69,500 on the hourly chart of the BTC/USD pair.

Bitcoin is currently trading near $68,400 and the 100-hour basic moving average. If the price remains stable above $68,000, it may try to rise again. Immediate resistance is near the $68,800 level.

The first key resistance is near the $69,500 level. A close above the resistance at $69,500 could see the price rise further. In the given case, the price may move higher and test the resistance at $70,000. Any further gains could push the price towards the $70,500 level. The next barrier for bulls could be $72,000 and $72,500.

Greater BTC losses?

If Bitcoin does not rise above the $69,500 resistance zone, it could begin another decline. Immediate support is near the $68,200 level. The first major support is located near the $68,000 level or the 50% Fib retracement level for an upward move from the low of $65,072 to the high of $70,935.

The next support is now near the $67,350 zone. Any further losses could push the price towards the $67,350 support in the near future. Major support currently stands at $66,500, below which BTC may have difficulty recovering in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently gaining momentum in a bearish zone.

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

Main support levels – $68,000, then $66,500.

Major resistance levels – $69,500 and $70,000.