Bitcoin Price Decline Worsens: Could It Be Setting Up for Major Reversal?
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Bitcoin price is struggling below the $69,500 zone. BTC is showing signs of weakness and upsides might be capped near the $69,200 level.
Bitcoin started a fresh decline from the $70,000 zone.
The price is trading below $70,000 and the 100 hourly Simple moving average.
There is a new connecting bearish trend line forming with resistance at $68,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could struggle to recover above the $69,200 resistance zone.
Bitcoin Price Faces Hurdles
Bitcoin price failed to start a fresh increase and extended losses below the $70,500 zone. There was a move below the $70,000 and $69,200 support levels.
The price even declined below $68,000 and tested $66,800. A low was formed at $66,836 and the price is now attempting to recover. There was a move above the $67,500 resistance. The price tested the 23.6% Fib retracement level of the downward move from the $71,576 swing high to the $66,836 low.
Bitcoin price is now trading below $70,000 and the 100 hourly Simple moving average. On the upside, the price could face resistance near the $68,200 level. There is also a new connecting bearish trend line forming with resistance at $68,400 on the hourly chart of the BTC/USD pair.
The first key resistance is near the $69,200 level or the 50% Fib retracement level of the downward move from the $71,576 swing high to the $66,836 low. A clear move above the $69,200 resistance might send the price higher. The next key resistance could be $70,000.
A close above the $70,000 resistance might initiate more gains. In the stated case, the price could rise and test the $71,200 resistance level. Any more gains might send the price toward the $72,000 resistance level.
Another Decline In BTC?
If Bitcoin fails to rise above the $69,200 resistance zone, it could start another decline. Immediate support on the downside is near the $67,400 level.
The first major support is near the $66,800 level. The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,500 support in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $67,500, followed by $66,800.
Major Resistance Levels – $69,200, and $70,000.
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* The content presented above, whether from a third party or not, is considered as general advice only. This article should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments.
