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Bitcoin bears take control: more drops ahead 📉😱

Bitcoin bears take control: more drops ahead 📉😱

Bitcoin Facing Resistance and Possible Decline

Bitcoin has encountered challenges as it tries to break above the $68,500 resistance level, resulting in bearish trends that pushed the price below $67,200. As a result, BTC is currently struggling to maintain its position above $68,000 and the 100 hourly Simple Moving Average. There is a formation of a bearish trend line with resistance around $67,150 on the hourly BTC/USD chart, indicating potential hurdles for further price increases.

  • The price tested a low of $66,244 and is now consolidating losses below the 23.6% Fib retracement level of the recent downward movement from the $69,970 high to the $66,244 low.
  • Bitcoin is facing challenges in surpassing the $67,150 resistance level, with a potential bearish trend line forming on the hourly chart.
  • Next major resistance levels to watch include $68,000, $68,500, and potentially higher levels if there is a clear break above the current resistance.

Potential for Further Bitcoin Decline

If Bitcoin fails to break above the $67,150 resistance level, it risks facing another decline in the near term. Immediate support is around $66,250, with possible further support levels at $66,000 and $65,000 if the price continues to drop. Technical indicators such as MACD and RSI suggest a bearish trend in the short term.

  • Immediate support levels for Bitcoin are seen at $67,000 and $66,000.
  • Key resistance levels to monitor include $68,550 and $69,200, which could act as barriers for further price increases.

Conclusion

Bitcoin is currently facing resistance at the $67,150 level, with a bearish trend line forming on the hourly chart. While there is potential for a recovery towards $68,000 and beyond, the price may encounter hurdles along the way. Traders should be cautious of further declines if Bitcoin fails to break above key resistance levels.

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Bitcoin bears take control: more drops ahead 📉😱