Bitcoin is now moving below the resistance of $73,000. BTC needs to stay above $67,000 in order for it to begin a new increase.
- Bitcoin is now moving down from $73,000 and correcting its gains.
- It is currently trading at a price below $71,000, and it’s moving lower than the 100-hour Simple Moving average.
- On the hourly chart for the BTC/USD, there was a breakdown below the key bullish line. The support is $72,820 (data from Kraken).
- Near-term, both pairs could return to the support level of $67,000.
Bitcoin Price Drops
Bitcoin Price made another attempt at gaining strength above the $72,500 level. The price did not move beyond $72,500 and reacted downwards.
A drop was seen below $72,000 and the level of $71,500. A break was also made below a bullish trendline with support of $72,820, on the hourly graph for the BTC/USD. It even fell below the $70,000 level. The price has now started to show some bearish signals after forming a low near $68,403.
Bitcoin has fallen below the $71,000 mark. 100 hourly Simple moving average. Immediate support is located near $70,000, or the 50% Fib level of the decline from the swing-high $72,043 down to the 68,403 bottom.
Source: BTCUSD on TradingView.com
You can also find out more about the following: next The key resistance level could be $71,500. This is the 61.8% fib retracement of the decline from the $72,043 swing low to the $68,403 bottom. Above this, the price can rise and reach the $72,000 zone. The price may even try to break through the $73,000 barrier if the resistance level is clearly broken. If the price gains any more, it could move towards the $75,000 mark.
BTC: More losses in the BTC market?
Bitcoin may continue its downward trend if it does not rise above $70.500. Near the $68,500 support level, there is immediate support for the downside.
The main financial support comes in at $67,500. The primary support is $67,000. The price may begin a gradual pullback to the $65,500 area if the close is below $67,000. Price could drop to $65,000 if there are any more losses.
Indicators of 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 – $68,500, followed by $67,000.
Major Resistance Levels – $70,500, $72,000, and $73,000.
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