Bitcoin Tumbles Below $67,500, Bearish Momentum on the Rise

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The fickle game of cryptocurrency takes another dramatic turn as Bitcoin (BTC) witnessed a significant decline from its $70,000 resistance zone. The digital currency has slumped over 5%, dropping below the crucial $67,500 support level. The latest shuffle in the Bitcoin price structure suggests an emerging bearish momentum from the $70,000 resistance zone.

Currently, Bitcoin is grappling with a trading rate below $68,500, amid the cascading market trends. The 100 hourly Simple moving average has also taken a hit, further foreshadowing a potentially challenging market scenario for the cryptocurrency. A key bearish trend line establishing resistance near the $68,400 on the hourly chart of the BTC/USD pair spotlights the downward swing in Bitcoin’s trajectory, with data feed sourced from Kraken.

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The odds are high that this market downturn could lead to an extended decline towards the $64,000 support zone in the near term, if current trends persist.

The uphill battle for Bitcoin began when the cryptocurrency struggled to hold its ground above the $70,000 resistance zone. Following a downfall through the $69,200 support zone, Bitcoin continued to sink beneath critical levels. A turbulent trajectory saw a sharp plunge below $68,500, and even a tumble below a pivotal $67,000 level.

Following an oscillating bearish angle, it bottomed out near $65,992, from where it has since been grappling to climb out of the downturn. A nominal recovery wave saw a slight uptick, crossing the $66,800 level after a tumultuous descent.

The rise even edged past the 23.6% Fibonacci retracement level of the downward move which originated from the swing high of $69,884 to the low of $65,992. Bitcoin, however, continues to face challenges, indicated by its current trading rate below $68,500 and the 100 hourly Simple moving average.

Immediate resistance is well established at around the $68,000 level, in proximity to the 50% Fibonacci retracement level of its downward trajectory from $69,884 high to $65,992 low. If the price manages a clear surge above the $68,500 resistance zone, Bitcoin could potentially embark on a fresh upward climb.

However, Bitcoin’s journey towards growth might encounter hindrances. If Bitcoin stumbles in surmounting the $68,000 resistance zone, it could continue its downward descent. Immediate support on the downside hovers near the $66,000 level with the first major support settled at $65,000, followed by a further support level stationed at $64,000. A closing blow below $64,000 could set off a plunge toward the $62,500 level. Extreme losses could potentially plunge the price to the $60,500 support zone in the near future.

Technical indicators point toward a turbulent landscape. The MACD is gaining pace in the bearish zone on an hourly basis. The RSI for BTC/USD is now positioned below the crucial 50 level, signalling adverse market conditions.

All eyes remain fixated on Bitcoin’s major support and resistance levels, stationed at $66,000 and $65,000, and $68,000, $68,500, and $70,000, respectively. This tumbling giant of the cryptocurrency world teeters on the edge, mere steps away from precipitous gains or devastating losses.