Bitcoin Price Falters: Another Downturn in Crypto Prices 📉
Bitcoin price failed to stay above the $68,500 support zone, extending its losses and showing bearish signs below the $68,800 level. Let's dive into the recent developments in the Bitcoin market.
Recent Decline in Bitcoin Price
Bitcoin started another decline from the $70,150 resistance zone. Despite a brief surge above $70,000, BTC couldn't maintain its momentum. A high was formed at $70,142 before the price began to drop again. It fell below the crucial support levels of $69,500 and $68,500, reaching a low of $67,920.
Current Trading Status
As of now, Bitcoin is trading below $69,500 and the 100-hourly Simple Moving Average (SMA). The price is facing resistance near the $68,800 level. The first major resistance is at $69,000, aligning with the 50% Fibonacci retracement level of the recent drop from $70,142 to $67,920.
Key Resistance Levels
The next significant resistance is at $69,500, highlighted by a bearish trend line on the hourly chart of the BTC/USD pair. A clear move above this resistance could propel Bitcoin higher, potentially testing the $70,000 level again. If Bitcoin manages to break past $70,000, further gains might push it towards the $71,200 resistance.
Potential for More Losses?
If Bitcoin fails to climb above the $69,500 resistance zone, another decline could be imminent. Immediate support on the downside is near the $68,000 level. The first major support is at $67,650, followed by $67,500. Should the price continue to drop, it might head towards the $66,400 support zone in the near term.
Technical Indicators
- Hourly MACD: The MACD is gaining momentum in the bearish zone.
- Hourly RSI: The RSI for BTC/USD is now below the 50 level, indicating bearish sentiment.
- Major Support Levels: $68,000, followed by $67,500.
- Major Resistance Levels: $69,000, and $69,500.
Conclusion
Bitcoin's recent price action indicates bearish tendencies, with key support levels being tested. Traders should watch the $69,500 resistance closely, as a break above it could signal a potential recovery. However, failure to breach this level might lead to further declines. Stay informed and trade wisely! 🧐💹