If Bitcoin fails to rise above the $70,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,500 level.
The first major support is $67,500. The main support sits at $67,000. If there is a close below $67,000, the price could start a decent pullback toward the $65,500 level. Any more losses might send the price toward the $65,000 support zone.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $68,500, followed by $67,000.
Major Resistance Levels – $70,500, $72,000, and $73,000.
