💥💥💥 #bitcoin Price Falters: Another Downturn In Crypto Prices
Bitcoin's price failed to sustain above the $68,500 support zone, leading to further losses and bearish signals below $68,800.
Bitcoin's Decline
- Initial Surge and Drop: Bitcoin attempted to rise above the $69,500 resistance, briefly breaking $70,000, but couldn't maintain gains. The price peaked at $70,142 before starting a fresh decline.
- Support Levels Breached: It fell below key support levels at $69,500 and $68,500, reaching a low of $67,920. The price is now consolidating near the 23.6% Fib retracement level from the $70,142 high to the $67,920 low.
Current Trading Position
- Below Key Averages: Bitcoin is trading below $69,500 and the 100-hour Simple Moving Average.
- Resistance Levels: Immediate resistance is around $68,800, with significant resistance at $69,000 (50% Fib retracement level of the recent decline) and $69,500, where a bearish trend line is forming on the hourly chart.
- Potential Upside: A clear move above $69,500 could push the price to test the $70,000 level, and further gains might target $71,200.
Potential for Further Declines
- Failure to Rise: If Bitcoin doesn't climb above the $69,500 resistance, another decline may start.
- Support Levels: Immediate support is near $68,000, with major support at $67,650 and $67,500. Continued losses could drive the price toward $66,400.
Technical Indicators
- MACD: Gaining momentum in the #BEARISH📉 zone.
- RSI: Below the 50 level for BTC/USD.
Summary
- Support Zones: $68,000, $67,500.
- Resistance Zones: $69,000, $69,500.
Bitcoin's failure to stay above critical support levels has led to further losses. Resistance is around $68,800 and $69,500. If these are not surpassed, the price could decline to $68,000, $67,500, or even $66,400. Technical indicators highlight this bearish trend, stressing the need to break significant resistance to reverse it.
Source - newsbtc.com
