#bitcoinprice Pulls Back: Will Bulls Conquer the Selling Pressure?

Bitcoin price has begun a downside correction after hitting the $70,000 resistance level. $BTC is now retracing its gains and could face further declines if it falls below $66,000.

Current Price Action:

- Bitcoin attempted to break through $70,000 but failed, leading to a downside correction.

- The price is currently below $67,500 and the 100-hour Simple Moving Average (SMA).

- A critical bullish trend line with support at $68,620 was broken on the hourly chart (data source: Kraken).

- The price could extend losses if it fails to hold above the $66,000 support zone.

Recent Developments:

- Bitcoin rose above $67,500 and approached $70,000 but could not sustain the level, triggering a correction.

- The price fell below $68,500 and $68,000 support levels and broke below the key bullish trend line at $68,620.

- The decline continued past the $66,500 support zone, with the price testing the $66,000 level. A low was formed at $66,063, and the price is currently consolidating below $67,500 and the 100-hour SMA.

Resistance Levels:

- On the upside, resistance is seen near $67,000. The first major resistance is at $67,200, aligning with the 23.6% Fibonacci retracement of the drop from $69,985 to $66,036.

- A move above $67,200 could lead to further gains, with the next resistance at $68,000 or the 50% Fibonacci retracement level.

- The major hurdle at $67,500 could trigger bullish momentum, potentially pushing the price back to test the $70,000 resistance.

Potential for Further Declines:

- If Bitcoin fails to recover above $67,200, it might face another decline. Immediate support is near $66,000.

- Key support levels are at $65,500 and $65,000. Additional losses could drive the price toward the $63,500 support zone.

Technical Indicators:

- Hourly MACD: Gaining bearish momentum.

- Hourly RSI (Relative Strength Index): Below the 50 level, indicating weakened bullish momentum.

Support Levels: $66,000, followed by $65,500

Resistance Levels: $67,200, and $68,000

Source - newsbtc.com