Bitcoin price has started a new decline below the $70,000 zone. BTC is consolidating and could continue to decline if it falls below $66,000.
Bitcoin failed to break above $70,500 and losses widened. The price is trading below the 100-hour simple moving average at $70,000. The hourly chart of the BTC/USD pair (data feed from Kraken) has a bearish trendline forming with resistance near $68,000. Losses can widen if this pair breaks below the $67,500 and $68,500 levels.
Bitcoin price plummets
Bitcoin price failed to break above the $72,000 support zone. BTC remained in the bearish zone and extended its losses below the $70,500 level. There was a move below the $70,000 level.
At times the price was below $67,200. A low was formed at $66,111 and the price is currently consolidating losses at a bearish angle below the 23.6% Fib retracement level of the decline from the swing high of $74,070 to the low of $66,111.
Bitcoin is currently trading below $70,000 and its 100-hour simple moving average. If the price remains stable above $66,000, it could attempt a new rally. Immediate resistance is near the $68,000 level. There is also a bearish trend line on the hourly chart of the BTC/USD pair with resistance forming near $68,000.
The first major resistance level is near the $68,500 level. If the price closes above the $68,500 resistance, the price could move higher. In the above case, the price may rise and test the 50% Fib retracement level of the $70,000 resistance and decline from the swing high of $74,070 to the low of $66,111. Further upside could push the price closer to the $71,500 level. The next barrier for the bulls could be $72,000.
BTC downward price acceleration?
If Bitcoin fails to rise above the $70,000 resistance zone, further declines could begin. Immediate support is near the $66,200 level.
The first major support is near the $66,000 level. The next support is currently located near the $65,000 zone. Any further losses could send the price towards the $64,200 support in the near term. The main support currently lies at $63,500, below which BTC may struggle to recover in the short term.
Technical indicators:
Hourly MACD – The MACD is currently pacing in the bearish zone.
Hourly RSI (Relative Strength Index) – BTC/USD’s RSI is currently below the 50 level.
Major support level – $66,000, then $65,000.
Key resistance levels – $68,000 and $70,000.
