Bitcoin price extended its decline below the $68,000 level. BTC is now slowly moving lower toward the $66,250 support zone in the near term.
- Bitcoin extended its downside correction below the $68,000 zone.
- The price is trading below $68,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down unless there is a close above the $68,500 level.
Bitcoin Price Dips Further
Bitcoin price extended its downside correction below the $69,000 level. BTC bears were able to push the price below the $68,000 support. Finally, the price tested the $67,000 zone.
A low has formed at $67,100 and the price is now consolidating losses. It recovered above the $67,5000 level and the 23.6% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low, with a bearish angle.
Bitcoin is now trading below $68,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,000 level. There is also a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair.
The first major resistance could be $68,800 or the 50% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low.
The next key resistance could be $69,250. A clear move above the $69,250 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $72,600 resistance.
More Losses In BTC?
If Bitcoin fails to climb above the $68,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level.
The first major support is $67,000. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 support zone 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 above the 50 level.
Major Support Levels – $67,100, followed by $66,250.
Major Resistance Levels – $68,000, and $68,800.