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Bitcoin Price Faces Another Rejection As Upside Momentum Fades

Bitcoin worth failed to remain above $70,000 and began one other decline. BTC is now buying and selling beneath $68,800 and may prolong losses within the close to time period.

  • Bitcoin is slowly shifting decrease beneath $69,500 and $69,200.
  • The worth is buying and selling close to $68,400 and the 100 hourly easy shifting common.
  • There was a break beneath a bullish pattern line with assist at $69,500 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may dip once more if it trades beneath the $68,400 and $68,000 ranges.

Bitcoin Price Dips Again

Bitcoin worth failed to stay secure above the $70,000 zone. BTC began a recent decline and traded beneath the $69,200 support zone. There was a push beneath $69,000.

The worth dipped beneath the 38.2% Fib retracement stage of the upward transfer from the $65,072 swing low to the $70,935 high. Besides, there was a break beneath a bullish pattern line with assist at $69,500 on the hourly chart of the BTC/USD pair.

Bitcoin is now buying and selling close to $68,400 and the 100 hourly simple moving average. If the value stays secure above $68,000, it might try a recent enhance. Immediate resistance is close to the $68,800 stage.

The first key resistance is close to the $69,500 stage. An in depth above the $69,500 resistance may ship the value additional increased. In the acknowledged case, the value might rise and check the $70,000 resistance. Any extra features may ship the value towards the $70,500 stage. The subsequent barrier for the bulls might be $72,000 and $72,500.

More Losses In BTC?

If Bitcoin fails to rise above the $69,500 resistance zone, it might begin one other decline. Immediate assist is close to the $68,200 stage. The first main assist is close to the $68,000 stage or the 50% Fib retracement stage of the upward transfer from the $65,072 swing low to the $70,935 high.

The subsequent assist is now close to the $67,350 zone. Any extra losses may ship the value towards the $67,350 assist within the close to time period. The most important assist now sits at $66,500, beneath which BTC may wrestle to get better within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

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

Major Support Levels – $68,000, adopted by $66,500.

Major Resistance Levels – $69,500 and $70,000.

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