Bitcoin Price Losing Steam: Market Momentum Slows Amid Trading Hesitation
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Bitcoin price is slowly losing momentum and struggling below $70,000. BTC is now consolidating and facing hurdles near the $69,500 resistance zone.
■ Bitcoin is facing many key hurdles near the $70,000 zone.
■ The price is trading above $69,500 and the 100 hourly Simple moving average.
■ There is a key bearish trend line forming with resistance at $69,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
■ The pair could continue to move down if it stays below the $70,000 zone.
Bitcoin Price Stuck Below $70K
Bitcoin price found support above the $66,000 level and started another increase. BTC was able to clear the $68,000 resistance zone. However, the bears were active near the $69,500 and $70,000 levels.
A high was formed near $69,608 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $66,250 swing low to the $69,608 high. It even tested the $68,000 support zone.
The bulls are now active near the 50% Fib retracement level of the upward move from the $66,250 swing low to the $69,608 high. Bitcoin price is trading above $69,500 and the 100 hourly Simple moving average.
If there is a fresh increase, the price might face resistance near the $69,000 level. There is also a key bearish trend line forming with resistance at $69,100 on the hourly chart of the BTC/USD pair. The first major resistance could be $69,500.
The next key resistance could be $70,000. A clear move above the $70,000 resistance might send the price higher. In the stated case, the price could rise and test the $71,200 resistance. Any more gains might send BTC toward the $72,000 resistance.
More Losses In BTC?
If Bitcoin fails to climb above the $69,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,000 level.
The first major support is $67,500. The next support is now forming near $67,000. Any more losses might send the price toward the $65,500 support zone 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 $67,000.
Major Resistance Levels – $69,100, and $69,500.
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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.
