Bitcoin price failed to stay above $70,500 and declined further. BTC is now consolidating below $70,500 and might continue to move down.
Bitcoin started a fresh decline from well above the $71,200 zone.
The price is trading below $70,500 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance at $70,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might start another decline if it stays below the $70,000 and $70,500 levels.
Bitcoin Price Dips Further
Bitcoin price failed to continue higher above $72,000 and reacted to the downside. BTC trimmed gains and declined below the $71,200 support.
The bears pushed the price below $70,500 and $70,000. The price tested the $68,000 zone. A low was formed at $68,115, and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $71,985 swing high to the $68,115 low.
Bitcoin is now trading below $70,200 and the 100 hourly simple moving average. There is also a bearish trend line forming with resistance at $70,050 on the hourly chart of the BTC/USD pair.
If the price remains stable above $68,200, it could attempt a fresh increase. Immediate resistance is near the $69,200 level. The first key resistance is near the $70,000 level and the trend line. A close above the $70,000 resistance might send the price further higher.
In the stated case, the price could rise and test the $70,500 resistance or the 61.8% Fib retracement level of the downward move from the $71,985 swing high to the $68,115 low. Any more gains might send the price toward the $71,200 level. The next barrier for the bulls could be $72,000.
More Losses In BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support is near the $68,400 level. The first major support is near the $68,000 level.
The next support is now near the $67,200 zone. Any more losses might send the price toward the $66,800 support in the near term. The main support now sits at $65,500, below which BTC might struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $68,400, followed by $68,000.
Major Resistance Levels – $70,000 and $70,500.
