Bitcoin (BTC) has seen a price correction after the recent rally and is currently consolidating around the $67,500 level.

Although Bitcoin has broken the $69,200 resistance, it has had difficulty challenging the $70,000 mark and has retraced some of the gains.

Currently, the price of Bitcoin is below $68,500 and is also below the 100 hourly simple moving average.

On the hourly chart of BTC/USD (data source: Kraken), the price of Bitcoin has broken below a key, contracting triangle pattern with support at $68,500.

If the price of Bitcoin does not close below $66,500, it could trigger another leg of the uptrend.

Bitcoin found support above $66,500 and rebounded slightly above the $68,500 resistance level, with the bulls successfully pushing the price above $69,200.

However, Bitcoin has not yet touched the $70,000 resistance area, with the highest point reaching $69,428 and the price is currently adjusting. After falling below $68,000, the price has retreated and the hourly chart shows that Bitcoin has fallen below the key support level of $68,500.

The pair is currently testing the $66,500 support level and is hovering around the 23.6% Fibonacci retracement level between the $69,428 high and $66,564 low.

Currently, the price of Bitcoin is below $68,500 and the 100 hourly simple moving average, and it is expected to encounter resistance near $68,000 or at the 50% Fibonacci retracement level of the move from the $69,428 high to the $66,564 low.