Bitcoin price failed to stay above $70,500 and fell further. BTC is now consolidating below the $70,500 level and may continue to decline.
- Bitcoin started a new decline from well above the $71,200 area.
- The price is trading below the $70,500 level and the 100 hourly simple moving average.
- There is a downtrend line forming with resistance at $70,050 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may start another decline if it remains below the $70,000 and $70,500 levels.
Bitcoin price falls further
Bitcoin price failed to continue rising above $72,000 and reacted with… Downside. BTC pared its gains and fell below the $71,200 support level.
The bears pushed the price below $70,500 and $70,000. The price tested the $68,000 area. A bottom was formed at $68,115, and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $71,985 swing high to the $68,115 low.
Bitcoin is now trading at just under $70,200 100 hourly simple moving average. There is also a downtrend line forming with resistance at $70,050 on the hourly chart of the BTC/USD pair.
If the price remains stable above $68,200, it may attempt a new increase. Immediate resistance is located near the $69,200 level. The first major resistance is near the $70,000 level and the trend line. A close above the $70,000 resistance level could send the price higher.
In the mentioned case, the price could rise and test the $70,500 resistance level or the 61.8% Fibonacci retracement level of the downward move from the $71,985 swing high to the $68,115 low. Any further gains may send the price towards the $71,200 level. The next barrier for the bulls could be $72,000.
More losses in BTC?
If Bitcoin fails to rise above the $70,000 resistance area, it could start another decline. Immediate support is located near the $68,400 level. The first major support is near the $68,000 level.
The next support now lies near the $67,200 area. Any further losses could send the price towards the $66,800 support level in the near term. Key support now lies at $65,500, below which BTC may struggle to recover in the near term.
Technical indicators:
Hourly MACD – The MACD indicator is now losing speed in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Key Support Levels – $68,400, followed by $68,000.
Major resistance levels – $70,000 and $70,500.
