As Bitcoin continues its slow descent, the digital currency is facing significant challenges in breaking through the $70,000 barrier. Currently hovering near $69,500, BTC is struggling to make any significant gains.
One of the major obstacles in Bitcoin’s path is the $70,000 zone, where the price is currently unable to break through. Additionally, the 100 hourly Simple Moving Average is acting as a resistance level, further complicating the situation.
A key bearish trend line has formed with resistance at $69,100 on the hourly chart of the BTC/USD pair. The price is now consolidating and facing challenges in maintaining its current position. If Bitcoin fails to overcome the $70,000 zone, a downward trend could continue.
After finding support above $66,000, Bitcoin made a slight recovery and managed to clear the $68,000 resistance zone. However, the bears quickly stepped in near $69,500 and $70,000, resulting in a correction. The price has now dipped below the 23.6% Fib retracement level, testing the $68,000 support zone.
The bulls are currently active near the 50% Fib retracement level, but the overall outlook remains uncertain. If Bitcoin can break above the $69,500 resistance, it may have a chance to test higher resistances at $70,000, $71,200, and potentially $72,000. However, failure to do so could result in a further decline towards support levels at $67,500, $67,000, and even $65,500.
Looking at the technical indicators, the MACD is losing pace in the bearish zone, signaling potential downward movement. The hourly RSI for BTC/USD is currently below the 50 level, suggesting a lack of buying momentum. Major support levels include $67,500 and $67,000, while major resistance levels are at $69,100 and $69,500.
Bitcoin is facing an uphill battle in overcoming key resistance levels and sustaining a positive momentum. The coming days will be crucial in determining whether the digital currency can break through the $70,000 barrier or face further downward pressure.
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