Bitcoin Battles $70,000 Barrier Amid Bearish Trends and Resistance Zones

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Bitcoin’s price is gradually losing steam, stalling beneath the substantial marker of $70,000. Currently, the popular cryptocurrency is consolidating its position and facing deterrents near a resistance zone of $69,500.

Bitcoin seems to be battling a number of key challenges around the $70,000 mark. Even so, it’s trading above $69,500 and the hourly simple average of 100. Further scrutiny of the hourly chart for the BTC/USD pair unveils a significant bearish trend line with resistance looming at $69,100. The cryptocurrency might continue its downward trajectory should it remain below the $70,000 region.

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Support for the Bitcoin price was recently found just higher than $66,000 which prompted another surge. It managed to breach the resistance zone of $68,000. However, bearish activity became prominent near $69,500 and $70,000 levels.

A high point was reached close to $69,608 and now the cryptocurrency is undergoing a correction of gains. It has seen a dip below the 23.6% Fibonacci retracement level, this reflects an upward move from the $66,250 swing low to the recent high of $69,608. The $68,000 mark also saw its share of testing as a support zone.

The bulls remain at play near the 50% Fibonacci retracement level, spanning from the $66,250 swing low to the $69,608 high. Bitcoin continues trading over $69,500 alongside the 100 hourly simple moving average.

In the event of a surge, the price might encounter resistance, projected to be near the $69,000 mark. There’s also a critical bearish trend line developing resistance at approximately $69,100. The initial substantial resistance may be close to the $69,500 mark.

The next significant boundary of resistance may well be the $70,000 mark. Should Bitcoin manage to clear the formidable $70,000 barrier, there’s potential for it to ascend even further – possibly testing the $71,200 resistance next. Each subsequent gain might propel Bitcoin toward the sizable $72,000 resistance.

However, further losses in Bitcoin’s value cannot be ruled out. If the cryptocurrency struggles to surpass the $69,500 barrier of resistance, its decline might persist. Immediate support rests near the $68,000 level on the bearish side.

The primary support is identified as $67,500, with the next one forming close to $67,000. A continual drop in prices might direct Bitcoin toward the $65,500 support level in the coming terms.

In terms of technical indicators, the moving average convergence divergence (MACD) appears to be easing its speed in the bearish zone. The relative strength index (RSI) for the BTC/USD pair is currently situated under the 50 mark. Strikingly, the major support levels are significantly situated at $67,500 and $67,000, whilst the primary resistance levels lie at $69,100 and $69,500.