Bitcoin price is down from the $73,000 resistance. BTC must remain above the support at 67,000 $ to initiate a further increase in the near term.
Bitcoin price corrects gains and declines from the $73,000 area.
The price is trading below 71,000 $ and the 100 hourly simple moving average.
There was a break below a key uptrend line with support at 72,820 $ on the hourly chart of BTC/USD (Kraken data feed).
The pair could revisit the support zone of 67,000 $ in the near term.
Bitcoin price corrects downward
Bitcoin price made another attempt to strengthen above the $72,500 level. However, there was no clear movement above the 72,500 level $ and the price reacted lower.
There was a decline below the $72,000, $ and $71,500 levels. Additionally, there was a break below a key uptrend line with support at 72,820 $ on the hourly chart of the BTC/USD pair. The pair even fell below the $70,000 level. A low formed near 68,403,$ and the price is now showing some bearish signs.
Bitcoin is now trading below 71,000.$ and the 100 hourly simple moving average. Immediate resistance is near the 70,000 level $ or the 50% Fibonacci retracement level of the downward move from the high of 72,043 $ to the low of $68,403.
