Bitcoin Price Faces Bearish Pressure
Bitcoin price is currently experiencing bearish momentum from the $70,000 resistance area. The price has dropped below $68,500 and is trading under the 100 hourly Simple Moving Average. A key bearish trend line is forming with resistance near $68,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). As a result, the pair may see a further decline towards the $64,000 support zone in the near term.
Bitcoin Price Turns Red
Despite struggling to surpass the $70,000 resistance zone, Bitcoin reacted bearishly after breaking below the $69,200 support level. The price plunged below $68,500 and even dropped below $67,000 before reaching a low near $65,992. While a recovery wave is currently underway with a move above $66,800, the price remains below the 100 hourly Simple Moving Average and a crucial bearish trend line near $68,400 on the BTC/USD chart.
- The price failed to settle above the $70,000 resistance zone and reacted downwards after breaking the $69,200 support level.
- It declined below $68,500 and dropped under $67,000, reaching a low near $65,992.
- Despite attempting a recovery wave above $66,800, Bitcoin remains below the 100 hourly Simple Moving Average.
Immediate resistance is anticipated near $68,000 and the 50% Fibonacci retracement level of the recent downward move. If there is a clear break above the $68,500 resistance level and the bearish trend line, Bitcoin could initiate a fresh uptrend towards the $70,000 barrier in the short term.
More Losses In BTC?
If Bitcoin is unable to surpass the $68,000 resistance zone, it might continue its downward trajectory. The immediate support is near $66,000, followed by more substantial support at $65,000 and $64,000. A close below $64,000 could lead to a further decline towards the $62,500 level, with potential further losses targeting the $60,500 support region.
- If Bitcoin fails to surpass the $68,000 resistance zone, it could extend its decline towards $66,000.
- The first major support is at $65,000, followed by $64,000.
- A break below $64,000 may trigger a drop towards $62,500 and potentially $60,500 in the near future.
Technical indicators show that the hourly MACD is gaining momentum in the bearish zone, and the hourly RSI for BTC/USD is currently below the crucial 50 level. The major support levels to watch are at $66,000 and $65,000, while significant resistance levels lie at $68,000, $68,500, and $70,000.
Hot Take: Bitcoin’s Price Pressure
Bitcoin is facing substantial bearish pressure after failing to breach the $70,000 resistance zone. With the price now trading below key support levels and facing resistance near $68,400, the outlook remains bearish. Failure to overcome the immediate hurdles could lead to further losses, potentially testing support at $64,000 and below. Traders and investors should closely monitor the $68,000 and $68,500 levels for potential trend reversals or further downside movement in the coming sessions.
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