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Bitcoin price failed to settle above the $72,000 resistance. BTC corrected gains and now moving lower toward the $67,500 support zone.
- Bitcoin struggled to clear the $72,000 and $72,500 resistance levels.
- The price is trading below $70,000 and the 100 hourly Simple moving average.
- There was a break below a major bullish trend line with support near $70,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down if it breaks the $68,500 support level.
Bitcoin Price Trims Gains
Bitcoin price saw a decent increase above the $70,000 resistance zone. BTC even cleared the $71,200 and $72,000 resistance levels, but upsides were limited.
The bears appeared near the $72,500 zone. A high was formed near the $72,609 level and the price struggled to settle above the $72,000 level. There was a fresh bearish reaction below the $71,200 level. The price declined below the 50% Fib retracement level of the upward move from the $68,955 swing low to the $72,609 high.
There was a break below a major bullish trend line with support near $70,400 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $70,000 and the 100 hourly Simple moving average.
The bulls are now protecting the $68,500 support and the 61.8% Fib retracement level of the upward move from the $68,955 swing low to the $72,609 high. Immediate resistance is near the $69,500 level and the 100 hourly Simple moving average.
The first major resistance could be $70,000. The next resistance now sits at $71,200. If there is a clear move above the $71,200 resistance zone, the price could start a fresh increase.
Source: BTCUSD on TradingView.com
In the stated case, the price could rise toward $72,000. The next major resistance is near the $72,500 zone. Any more gains might send Bitcoin toward the $73,500 resistance zone in the near term.
More Downsides In BTC?
If Bitcoin fails to rise above the $70,000 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. If there is a close below $67,500, the price could start a drop toward the $66,000 level. Any more losses might send the price toward the $65,000 support zone 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 – $68,500, followed by $67,500.
Major Resistance Levels – $69,500, $70,000, and $71,200.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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