Bitcoin’s price is currently facing significant challenges, trading below the critical $69,500 mark. The cryptocurrency has shown signs of weakness, with upsides capped around the $69,200 level. A fresh decline began from the $70,000 zone, and the price is now hovering below both the $70,000 level and the 100-hour Simple Moving Average.
A recently established bearish trend line shows resistance forming at $68,400 on the hourly chart of the BTC/USD pair, indicating that the pair could struggle to break above the $69,200 resistance zone. Bitcoin recently failed to initiate a new upward movement and instead extended its losses below the $70,500 level. The decline continued past the $70,000 and $69,200 support levels, even dipping below $68,000 to touch a low of $66,836.
The price is currently attempting a recovery, having moved above the $67,500 resistance and tested the 23.6% Fibonacci retracement level of the downward move between the $71,576 high and the $66,836 low. Despite this, Bitcoin remains below $70,000 and the 100-hourly Simple Moving Average. On the upside, it faces potential resistance at around $68,200.
A newly forming bearish trend line sets further resistance at $68,400 on the hourly BTC/USD chart. The first key resistance point is around $69,200, corresponding with the 50% Fibonacci retracement level of the downward move from the $71,576 high to the $66,836 low. A decisive move above this resistance could push the price higher, with the next major resistance at $70,000 and potentially $71,200, and beyond that, toward the $72,000 level.
However, if Bitcoin fails to rise above the $69,200 resistance, it may face another decline. Immediate support is found near the $67,400 level, with major support levels at $66,800 and $66,500. Should the price continue to fall, it could reach down toward the $65,500 support level in the near term.
Technical indicators reflect the current situation, with the hourly MACD losing momentum in the bearish zone. The hourly RSI (Relative Strength Index) for BTC/USD is below the 50 level, indicating the struggle is ongoing. Major support levels are set at $67,500, then $66,800, while major resistance levels are identified at $69,200 and $70,000.
