Bitcoin price extended its decline below the USD 68,000 level. BTC is now slowly moving lower towards the near-term support zone of $66,250.
- Bitcoin extended its downward correction below the $68,000 zone.
- The price is trading below $68,500 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to decline unless it sees a close above the $68,500 level.
Bitcoin price continues to fall
Bitcoin price extended its downward correction below the USD 69,000 level. BTC bears were able to push the price below the USD 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 around the $68,000 level. There is also a major bearish trendline 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 downwave from the $70,600 swing high to the $67,100 low.
The next major resistance could be $69,250. A clear move above the USD 69,250 resistance could push the price higher. In the mentioned case, the price could rise and test the USD 70,000 resistance. Even more gains could send BTC towards the USD 72,600 resistance.
Lose more in BTC?
If Bitcoin fails to climb above the $68,000 resistance zone, it could continue to decline. The immediate downside support is near the USD 67,250 level.
The first major support is $67,000. The next support is now forming near $66,250. Any further losses could send the price towards 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 – USD 67,100, followed by USD 66,250.
Major resistance levels – $68,000 and $68,800.