From the resistance of $70,000, Bitcoin has started to correct downwards. BTC now is correcting its gains and may extend losses, if the price falls below $66,000.
- Bitcoin stumbled near $70,00 and began a downward correction.
- Price is below the Simple Moving Average of 100 hours and $68,500.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. Support is at $68,620 (data from Kraken).
- It is possible that the pair will continue to lose if they fail to keep above the support level of $66,000.
Bitcoin price drops again from $70,000
Bitcoin prices extended gains beyond the $68,500 support zone. BTC has even spiked towards the $70,000 resistance zone. The price did not stay at $70,000, and it started to fall.
The $68,500 support level and the $68,000 resistance levels were breached. A break was also made below the key bullish line that had support at $68,620 in the hourly chart for the BTC/USD. Even the pair fell below $66,500.
A test was conducted at $66,000. The price has now reached a low of $66,063 as it consolidates losses. Bitcoin’s price has fallen below the $68,500 mark. 100 hourly Simple moving average.
The price may face some resistance on the upside near $67,000. First, the price is likely to face resistance near $67,200, or 23.6% of Fib’s retracement from the swing high at $69,985 down to the low at $66,036. Price could rise further in coming sessions if it clears the $67200 resistance.
You can also find out more about the following: next Key resistance is $68,000 or the 50 percent Fib level of the decline from $69,985 high swing to $66,036. The next The major obstacle is $68,500. The bullish movement could start if the price closes above the resistance of $68,500. Price could test $70,000 in this case.
BTC: More losses in the BTC market?
Bitcoin’s next decline could be triggered if Bitcoin does not recover from the $67.200 zone of resistance. Support for the immediate downside lies near $66,000.
The initial major contribution is $65 500. The first major assistance is $65,500. next Support is near $65,000. In the short term, any further losses could send the price towards the $63,500 zone of support.
The following are technical indicators.
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $66,000, followed by $65,500.
Major Resistance Levels – $67,200, and $68,000.
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Source: www.newsbtc.com