Bitcoin price started to drop again from the $73,800 zone. BTC is consolidating and may struggle to stay above the $70,500 support.
- Bitcoin failed to stay above $72,500 and control the gains.
- The price is trading below $72,000 with 100 one hour easy moves.
- There is a bearish connecting line forming resistance at $71,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair can extend losses if it stays below the levels of $71,500 and $72,000.
The price of Bitcoin has risen again
The price of Bitcoin has failed to stay above $72,500 zoning. BTC made a top near $73,800 and started a new low. There was a move below the $72,500 level.
The price has dropped below $71,500 and $71,200. A low was made at $70,517, and the price is now consolidating losses below the 23.6% Fib retracement level of the decline from the $73,800 high to the $70,517 low.
Bitcoin is now trading below $72,000 and 100 hour simple moving average. If the price remains stable above $70,500, it may test a new rally. The resistance is near the $71,500 level. There is also a bearish connecting line forming resistance at $71,450 on the BTC/USD hourly chart.
The first important resistance is near the $72,000 level. A close above the $72,000 resistance could send the price higher. In the said case, the price could rise and test the resistance of $72,500. Any further gains could send the price to the $73,200 level. The next barrier for bulls could be $74,000.
Continued Below BTC?
If Bitcoin fails to rise above the $72,000 resistance zone, it may start another decline. Immediate support is near the $70,800 level.
The first major support is around the $70,500 level. The next support is now near the $70,000 zone. Any further damage could send the price to the $69,200 support soon. Major support now sits at $68,800, below which BTC may struggle to recover soon.
Technical specifications:
Hourly MACD – MACD is now moving into the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI of BTC/USD is now below the 50 level.
Major Contributions – $70,500, followed by $70,000.
Main Objection Values - $71,500 and $72,000.
