Bitcoin Price Faces Another Rejection As Upside Momentum Fades

Bitcoin price failed to stay above $70,000 and started another decline. BTC is now trading below $68,800 and might extend losses in the near term.

• Bitcoin is slowly moving lower below $69,500 and $69,200.
• The price is trading near $68,400 and the 100 hourly simple moving average.
• There was a break below a bullish trend line with support at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might dip again if it trades below the $68,400 and $68,000 levels.

Bitcoin Price Dips Again

Bitcoin price failed to remain stable above the $70,000 zone. BTC started a fresh decline and traded below the $69,200 support zone. There was a push below $69,000.

The price dipped below the 38.2% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high. Besides, there was a break below a bullish trend line with support at $69,500 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading near $68,400 and the 100 hourly simple moving average. If the price remains stable above $68,000, it could attempt a fresh increase. Immediate resistance is near the $68,800 level.

The first key resistance is near the $69,500 level. A close above the $69,500 resistance might send the price further higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send the price toward the $70,500 level. The next barrier for the bulls could be $72,000 and $72,500.

More Losses In BTC?

If Bitcoin fails to rise above the $69,500 resistance zone, it could start another decline. Immediate support is near the $68,200 level. The first major support is near the $68,000 level or the 50% Fib retracement level of the upward move from the $65,072 swing low to the $70,935 high.

The next support is now near the $67,350 zone. Any more losses might send the price toward the $67,350 support in the near term. The main support now sits at $66,500, below which BTC might struggle to recover in the near term.

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 – $68,000, followed by $66,500.

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