Bitcoin price extended losses and traded below the USD 68,800 support. BTC is now consolidating and facing hurdles near the USD 70,000 resistance zone.
- Bitcoin extended its decline below the $68,800 support zone.
- The price is trading below $69,000 and the 100 hourly Simple Moving Average.
- A major bearish trendline is forming with resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could move further unless the bulls push it back above $70,000.
Support for Bitcoin price breaks
Bitcoin price started a downward correction below the $70,000 support zone. BTC bears were able to push the price below the major support at USD 68,800. It led to bearish moves and the price dropped towards USD 66,250.
A low was formed at $66,250 and the price is now consolidating losses. There was a small increase above the USD 67,250 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low.
However, the bears are active near the $68,350 level and the 50% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. Bitcoin price is now trading below $69,000 and the 100 hourly Simple Moving Average.
If a new increase occurs, the price may encounter resistance near the $68,350 level. The first major resistance could be at $68,800. There is also a major bearish trendline forming with resistance at $69,200 on the hourly chart of the BTC/USD pair.
The next major resistance could be at USD 70,000. A clear move above the USD 70,000 resistance could push the price higher. In the mentioned case, the price could rise and test the USD 70,500 resistance.
If the bulls push the price further higher, a move towards the USD 71,200 resistance zone could occur. Even more gains could send BTC towards the USD 71,800 resistance.
Lose more in BTC?
If Bitcoin fails to climb above the USD 69,800 resistance zone, it could continue to decline. The immediate downside support is near the USD 67,250 level.
The first major support is at $66,800. 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 below the 50 level.
Major support levels – USD 67,250, followed by USD 66,250.
Major resistance levels – $68,350, $68,800 and $70,000.