Bitcoin price has extended its decline below the $68,000 level, with BTC slowly moving lower towards the $66,250 support zone in the near term. The bears were successful in pushing the price below the $68,000 support, leading to a test of the $67,000 zone and forming a low at $67,100. Following this downward wave, the price is now consolidating losses, showing signs of struggle to recover.
A key bearish trend line is forming with resistance at $67,900 on the hourly chart of the BTC/USD pair. The price is currently trading below $68,500 and the 100 hourly Simple Moving Average. On the upside, resistance levels are being faced near $68,000, $68,800, and $69,250. A clear move above the $69,250 resistance could potentially send the price higher towards the $70,000 mark.
If Bitcoin fails to climb above the $68,000 resistance zone, it could continue its downward movement. Immediate support on the downside is near the $67,250 level, followed by major support at $67,000. The next support level is forming near $66,250, and any further losses might drive the price towards the $65,000 support zone in the near term.
Hourly technical indicators suggest mixed signals, with the MACD losing pace in the bearish zone while the RSI for BTC/USD is above the 50 level. Major support levels include $67,100, followed by $66,250, while major resistance levels are set at $68,000 and $68,800.
The current downtrend in Bitcoin’s price reflects a struggle between bulls and bears, with key resistance and support levels defining the near-term price action. Traders and investors should closely monitor the market dynamics and technical indicators to navigate through the volatility and make informed decisions.
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