Bitcoin price extended its decline to $60,000. BTC is down over 10% and might struggle to recover easily above the $70,000 resistance.
Bitcoin is attempting to recover but struggling to clear hurdles.
The price is trading below $70,000 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance at $70,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might dip again if it trades below the $62,500 and $61,200 levels.
Bitcoin Price Dips Sharply
Bitcoin price failed to remain stable above the $72,000 zone. BTC extended its decline below the $70,000 and $68,500 levels. The bears were able to push the price below $65,500.
A low was formed at $60,500, and the price is now attempting to recover. There was a minor increase above the $62,000 and $63,200 levels. The price cleared the 23.6% Fib retracement level of the recent downward move from the $76,865 swing high to the $60,500 low.
Bitcoin is now trading below $68,000 and the 100 hourly simple moving average. If the price remains stable above $62,000, it could attempt a fresh increase. Immediate resistance is near the $66,000 level. The first key resistance is near the $67,200 level.
A close above the $67,200 resistance might send the price further higher. In the stated case, the price could rise and test the $68,500 resistance or the 50% Fib retracement level of the recent downward move from the $76,865 swing high to the $60,500 low.
Any more gains might send the price toward the $70,500 level. There is also a bearish trend line forming with resistance at $70,600 on the hourly chart of the BTC/USD pair. The next barrier for the bulls could be $72,500 and $75,000.
Another Decline In BTC?
If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support is near the $63,200 level. The first major support is near the $62,500 level.
The next support is now near the $61,200 zone. Any more losses might send the price toward the $60,500 support in the near term. The main support now sits at $60,000, below which BTC might struggle to recover 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 – $62,500, followed by $61,200.
Major Resistance Levels – $67,200 and $68,500.
