Bitcoin continued to fall and fell below the support level of $68,800. BTC now faces hurdles and consolidation near the $70,000 support zone.
- Bitcoin continued to decline, falling below the support level of $68,800.
- Price is below the Simple Moving Average of 100 hours and $69,000.
- On the hourly BTC/USD chart, there is a major bearish trendline with resistance around $69200 (data from Kraken).
- It is possible that the pair will continue to rise if bulls don’t push it over $70,000.
Bitcoin Price Breaks Support
The Bitcoin price began a downward correction beneath the $70,000 support zone. BTC Bears managed to drive the price of BTC below $68,800, a major support. The price fell to $66,250.
At $66,250, a new low has been formed and now the price consolidates its losses. A minor rise was seen above the level of $67,250. The price rose above the level of 23.6% Fib Retracement for the downmove from the 70,500 swing low to the 66,250 low.
The bears have been active around the 68,350 Fib level, which is the level where the 50 percent retracement of the decline from the swing high at $70,500 to the low at $66,250 has occurred. Bitcoin’s price has fallen below $69,900 and is trading under the 50% Fib retracement level. 100 hourly Simple moving average.
In the event of a recent increase in the market, there could be resistance around the level $68,350. First major resistance may be at $68,800. A key trend line is forming on the BTC/USD hourly chart. The resistance level at $69200 represents a bearish tendency.
You can also find out more about the following: next The key resistance might be $70,00. The price could rise if it moves above $70,000. The price may rise in the case stated and reach the $71,500 resistance.
Bulls pushing the price higher could lead to a movement towards the resistance zone of $71,200. BTC may reach $71,800 resistance if the bulls continue to push it higher.
BTC Losses Increased?
Bitcoin could fall further if it fails to break through the resistance level of $69,800. Support on the downside near $67,250 is immediate.
The initial major contribution is $66800. The initial major contribution is $66800. next The support zone is now near $66,250. If the market continues to fall, it could soon reach the support level of $65,000.
The following are 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 – $67,250, followed by $66,250.
Major Resistance Levels – $68,350, $68,800, and $70,000.
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Source: www.newsbtc.com