Bitcoin's price is currently reducing gains from the $73,500 zone as it drops back below $70,000, showing several bearish signals.
Decline from the $73,500 Level
Bitcoin began a new downward trend from the $73,500 zone as its price broke through key support at $70,000 on the BTC/USD hourly chart (data source: Kraken). The price is now trading below $71,500 and the 100-hour simple moving average, indicating a potential further decline towards support at $68,500.
Bitcoin Reducing Gains
Bitcoin failed to reach a new all-time high and instead began to decline from the $73,500 resistance level. Following breaks below support at $72,500 and $72,000, the price has continued to decrease, breaking below the key trendline support at $70,000 on the BTC/USD hourly chart. Bitcoin has thus lost more than 5% of its value and dropped below $70,000.
Currently, the price is approaching support at $68,500, aligning with the 61.8% Fibonacci retracement level from the previous upward wave (from the low of $65,531 to the high of $73,575).
Potential Resistance at $70,000
If Bitcoin begins to rise again, the first resistance is expected at the $70,000 level, with major resistance at $70,500. If the price surpasses this level, it could continue upward to test the $71,200 level or even $72,500. A further upward move might aim for resistance at $73,200 or even back to the initial level of $73,500.
Further Downside for BTC?
If Bitcoin fails to overcome the resistance at $70,000, its price may continue to fall. The first support level lies near $68,800, with additional significant support around $68,500. If losses persist, the price may head towards support at $67,400 or even $66,500.
Technical Indicators:
Hourly MACD – The MACD is now gaining momentum in the bearish zone.
Hourly RSI – The RSI for BTC/USD is currently below the 50 level.
Key Support Levels – $68,500, followed by $67,400.
Key Resistance Levels – $70,000 and $71,200.
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