🚨🚨 Bitcoin price has begun a correction, retracing gains from the $73,500 resistance area 🚨🚨

Currently trading below $71,500 and the 100-hour Simple Moving Average (SMA), BTC is showing signs of bearish momentum.

A key bullish trend line broke with support at $70,000 on the hourly BTC/USD chart (data from Kraken).

Bitcoin may approach the $68,500 support zone, aligned with the 61.8% Fib retracement from the $65,531 low to the $73,575 high.

Resistance levels to monitor are at $70,000 and $70,500; a successful break above $70,500 could drive the price upward, targeting $71,200.

Surpassing the $71,200 level may open further gains, with subsequent resistance at $72,500 and $73,200.

In a downside scenario, BTC’s immediate support is at $68,800, followed by a stronger support at $68,500 and then $67,400. A deeper decline could push the price to the $66,500 level.

Technical Indicators:

Hourly MACD is accelerating in the bearish zone.

Hourly RSI for BTC/USD is below 50, suggesting weakened momentum.

Key Support Levels: $68,500, $67,400, and $66,500.

Key Resistance Levels: $70,000 and $71,200.

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