#Bitcoinprice Could Struggle And Continue Lower – Here’s Why
Bitcoin is approaching a significant barrier around the $68,750 mark, posing a considerable challenge for further upward movement. A breakthrough beyond this level could potentially propel Bitcoin towards the $70,000 resistance zone in the near future.
However, there's a possibility of downside movement for BTC if it fails to breach the resistance zone at $66,600. In such a scenario, immediate support is expected around the $65,200 level.
Further declines could target the first major support at approximately $64,600, followed by $64,000. A conclusive drop below $64,000 may trigger a deeper retracement towards the $62,500 level, with the potential for further downward movement towards the $60,500 support zone.
Analyzing technical indicators, the MACD indicator indicates an increase in bearish momentum on the hourly chart.
Additionally, the hourly RSI (Relative Strength Index) has dipped below the 50 level, suggesting a shift towards bearish sentiment.
Key Support Levels to watch include $65,200 and $64,500, while Key Resistance Levels stand at $66,600, $67,000, and $67,950.
Source - newsbtc.com