Bitcoin’s price failed to stay above $68,800 and continued to fall. BTC is currently consolidating below $68,000 and may continue to decline.

• Bitcoin has started a up-to-date decline well above the $70,500 zone.
• The price is trading below $68,800 and the 100-hour uncomplicated moving average.
• A bearish trend line is forming on the hourly chart of the BTC/USD pair (fed with data from Kraken) with resistance at $67,250.
• The pair could begin another decline if it holds below the $68,000 and $68,800 levels.

Bitcoin price increases losses

Bitcoin price failed to stay above $71,200 and reacted to the decline. BTC capped gains and fell below the $70,000 support.

The bears pushed the price below $68,800 and $68,000. The price was testing the $65,000 zone. The low has formed at $65,030 and the price is currently consolidating losses near the 23.6% Fib retracement level resulting from the downward move from the high of $71,985 to the low of $65,030.

Bitcoin is currently trading below $68,000 and the 100-hour uncomplicated moving average. A bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance at $67,250.

If the price remains stable above $65,750, it could attempt to rise again. Immediate resistance is near the $68,000 level. The first key resistance is located near the $67,250 level and the trend line. A close above the resistance at $67,250 could see the price rise further.

In the given case, the price could move higher and test the resistance at $68,500 or the 50% Fib retracement level in the event of a downward move from the high of $71,985 to the low of $65,030. Any further gains could push the price towards the $69,200 level. The next barrier for bulls could be $70,000.

Greater BTC losses?

If Bitcoin does not rise above the $68,500 resistance zone, it could begin another decline. Immediate support is near the $65,750 level. The first major support is near the $65,000 level.

The next support is now near the $64,200 zone. Any further losses could push the price towards the $64,000 support in the near future. Major support currently stands at $63,500, below which BTC may have difficulty recovering 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 as low as 50.

Main support levels – $65,750, then $65,000.

Major resistance levels – $67,250 and $68,500.