Bitcoin price failed to stay above $68,800 and declined again. BTC is now consolidating below $68,000 and may continue to decline.
- Bitcoin started a new low from above the $70,500 zone.
- The price is trading below $68,800 with 100 hourly simple moves.
- There is a bearish line forming and resistance at $67,250 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start moving lower again if it stays below $68,000 and $68,800.
Bitcoin Price Increases Losses
The price of Bitcoin failed to continue above $71,200 and took action on the ground. BTC corrected gains and declined below the $70,000 support.
The bears pushed the price below $68,800 and $68,000. The price was estimated in the region of $65,000. A few were made at $65,030, and the price is now matching losses near the 23.6% Fib retracement level of the downside move from the $71,985 swing high to the $65,030 low.
Bitcoin is now trading below $68,000 with a 100 hour simple moving average. There is also a bearish line forming and resistance at $67,250 on the hourly chart of the BTC/USD pair.
If the price remains stable above $65,750, it may test a new rally. The resistance is near the $68,000 level. The primary resistance is near the $67,250 level and the trend line. A close above the $67,250 resistance could send the price higher.
In the said case, the price could rise and test the resistance of $68,500 or the 50% Fib retracement level of the downward move from the $71,985 swing up to the $65,030 low. Any further gains could send the price to the $69,200 level. The next barrier for bulls could be $70,000.
Big Losses in BTC?
If Bitcoin fails to rise above the $68,500 resistance zone, it may start another decline. Immediate support is near the $65,750 level. The first major support is around the $65,000 level.
The next support is now near the $64,200 zone. Any further damage would send the price to the $64,000 support soon. Major support now sits at $63,500, below which BTC may struggle to recover soon.
Technical specifications:
Hourly MACD – MACD is now losing strength in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI of BTC/USD is now only at the 50 level.
Major Contributions – $65,750, followed by $65,000.
Main Objection Values - $67,250 and $68,500.
