Bitcoin’s price continued to fall below $68,000. BTC now moves slowly lower to the $66,250 zone of support in the near-term.
- Bitcoin has extended its downtrend below the $68,000 region.
- It is currently trading at a price below $68.500, and it’s moving lower than the 100-hour Simple Moving average.
- The hourly chart for the BTC/USD pairs shows a bearish key trend line with resistance of $67,900. (Data feed by Kraken).
- This pair may continue to decline unless it closes above $68,500.
Bitcoin Price Drops Even Further
Bitcoin continued to fall below $69,000. BTC Bears managed to drive the price down below $68,000. Eventually, the price reached the $67,000 level.
Price is consolidating loss after forming a new low at $67100. With a bearish bias, it recovered above $67.5000 and the Fib 23.6% retracement levels of the downward waves from the $70.600 swing high down to the $67.100 low.
Bitcoin now trades below the Simple Moving Average 100-hourly and $68,500. The price of bitcoin is currently facing resistance at the $68,000 mark. On the hourly BTC/USD chart, a bearish trendline is forming at resistance of $67900.
First major resistance is $68,800, or 50% of the Fib level of the down wave that has been forming from the swing high at $70,600 to the lows at $67,100.
You can also find out more about the following: next Key resistance may be at $69,250. The price could rise if it moves above $69,250. Price could test resistance at $70,000 in this case. BTC could reach the $72,600 barrier if it gains any more.
BTC: More losses in the BTC market?
Bitcoin could fall further if it fails to break through the resistance level of $68,000. Near the $68,250 level, there is immediate support for the downside.
First, the support will be $67,000. The initial major contribution is 67,000 dollars. next Support is beginning to form 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 above the 50 level.
Major Support Levels – $67,100, followed by $66,250.
Major Resistance Levels – $68,000, and $68,800.
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Source: www.newsbtc.com