Bitcoin’s price is slowly losing momentum and remains below $70,000. BTC is currently consolidating and facing headwinds near the $69,500 resistance zone.

• Bitcoin faces a number of key headwinds near the $70,000 zone.
• The price is above $69,500 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 $69,100 (feeding data from Kraken).
• The pair may continue to decline if it remains below the $70,000 zone.

Bitcoin price stuck below 70,000. dollars

Bitcoin price found support above the $66,000 level and began another rally. BTC was able to clear the resistance zone at $68,000. However, bears were lively near the $69,500 and $70,000 levels.

The highest level was reached near $69,608 and the price is currently correcting its increases. There was a move below the 23.6% Fib retracement level resulting from an upward move from a low of $66,250 to a high of $69,608. It even tested the $68,000 support zone.

Bulls are currently lively near the 50% Fib retracement level, which is an upward movement from the low of $66,250 to the high of $69,608. Bitcoin price is above $69,500 and the 100-hour elementary moving average.

If a modern rally occurs, the price could face resistance near the $69,000 level. A key bearish trend line is also forming on the hourly chart of the BTC/USD pair with resistance at $69,100. The first major resistance could be $69,500.

The next key resistance could be $70,000. A clear move above the resistance at $70,000 could cause the price to rise. In this case, the price could move higher and test the resistance at $71,200. Any further gains could push BTC towards the resistance at $72,000.

Greater BTC losses?

If Bitcoin fails to rise above the $69,500 resistance zone, it may continue to decline. Immediate downside support is located near the $68,000 level.

The first major contribution is $67,500. The next support level is currently around $67,000. Any further losses could push the price towards the $65,500 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 below the 50 level.

Major support levels – $67,500 and then $67,000.

Major resistance levels – $69,100 and $69,500.