The price of Bitcoin, the world’s most recognized and commonly used cryptocurrency, is seeing a turbulent time as it fails to sustain its highs above $70,000. After a decisive downward correction, the value is currently fluctuating below $69,000, indicating possible bearish trends in the market.
The notable cryptocurrency extended its downslide, spiraling below the crucial $69,000 frontier. Post this descent, the price is now trending below not only the $69,000 mark but also the 100 hourly Simple Moving Average. Despite these declines, there is a signal of hope as a crucial bullish trend line is forming, with a support level poised at $67,600 on the hourly chart of the BTC/USD pair.
Unless there is a further dip below the $67,500 boundary, the pair may catalyze another surge. However, Bitcoin’s price first has to weather a formidable resistance, located near the $68,800 level. The next primary hindrance could lie at $69,000 or the 50% Fibonacci retracement level of the downward thrust from the $70,600 swing high to the $67,243 low.
Further resistance could turn up at $69,550, and successfully sailing past this high tide could propel the price further north. In such scenarios, Bitcoin may find itself testing the $70,600 mark and potentially even soar towards a high of $72,000.
However, if Bitcoin fails to scale up beyond the $69,000 wall, it may endure more losses. The immediate support on the downside falls near the $67,650 level and the trend line. Moreover, Bitcoin could face the first significant support stationed at $67,500. Subsequently, the next support could materialize near $66,250, and any further loss could push the price towards the threatening region of the $65,000 support zone in the forthcoming days.
Significant cautionary indicators include an Hourly MACD, showing that the Moving Average Convergence Divergence is currently decelerating within the bearish area. Also notable is the Hourly RSI (Relative Strength Index), which has now ascended above the 50 level, a promising sign for Bitcoin enthusiasts.
Overall, Bitcoin remains poised at precarious levels with significant support at $67,500 and $66,250. Meanwhile, major resistance levels loom at $69,000 and $70,600. Bitcoin investors and analysts are keenly watching these developments, looking to see if the cryptocurrency can recover from the recent swings or prepare for a further downslide.
