#Bitcoin Price Faces Selling Pressure Below $68,000, Awaits Fed Rate Decision
#Bitcoin (BTC) is witnessing a prolonged decline, breaking below the crucial $67,500 support level. The world's largest cryptocurrency is trading below $68,000 and the 100-hour moving average. A descending trendline is forming with resistance at $68,650 on the hourly BTC/USD chart.
Bitcoin's Recovery Potential Limited by $68,500 Resistance
While a short-term recovery is possible, Bitcoin's upside is capped by the critical $68,500 resistance. The price has been unable to break above this level due to strong selling pressure, instead dropping below $68,000 and $67,000.
Bottom at $66,059 - Resistances at $68,000 and $68,500
#Bitcoin has tested the $66,000 area, establishing a bottom at $66,059. It is currently consolidating above the Fibonacci 23.6% retracement level. The $68,000 resistance (50% Fib retracement) and $68,500 (near the descending trendline and 100-hour SMA) are key hurdles.
Upside Opportunity if $68,500 is Cleared
A clear break above $68,500 could potentially push Bitcoin towards $69,000 and $70,200 in the near future.
Risk of Deeper Declines if $68,500 Remains Unbreached
Failure to overcome $68,500 could trigger a fresh downtrend for Bitcoin. Immediate supports are $66,700, $66,200, and near $66,000. Any further losses could then drag the price towards the $65,500 area.$BTC
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