Bitcoin price extended its decline and traded below the $70,000 support area. BTC even declined below the $69,500 level before bulls emerged near the $68,500 level. A low was formed at $68,409 and the price is currently attempting to rebound.

The price broke the $69,250 resistance area. The price climbed above the 23.6% Fibonacci retracement level of the down move from the $71,900 high to $68,409 low.

Bitcoin is currently trading below $70,000 and the 100 hourly simple moving average. However, there is a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near $70,000.

The first major resistance could be at $70,150 and the 50% Fibonacci retracement level of the downside move from the $71,900 high to $68,409 low. The next key resistance could be at $70,550. A clear break above the $70,550 resistance could push the price higher. In such a case, the price could rise and test the $71,200 resistance level. Another rise could push BTC towards the $72,000 resistance level.

If Bitcoin fails to break out of the $70,150 resistance zone, it could decline again. The immediate support on the downside is near the $69,500 level and the trend line.

The first major support is at $69,150. The next support is currently formed near the $68,500 level. If the price declines further, it could drop to the $67,500 support area in the near term.

Technical indicators:

Hourly MACD – MACD is currently losing speed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Main support level – $69,500, followed by $68,500.

Main resistance levels – $70,150 and $70,500.

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