Bitcoin

Resistance

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Bitcoin (BTC) price failed to stay above the $68,500 support zone but took another downturn to below $68k. BTC extended losses and now showing bearish signs below the $68,800 level.
<ul>
 <li style="font-weight: 400">Bitcoin started another decline from the $70,150 resistance zone.</li>
 <li style="font-weight: 400">The price is trading below $68,800 and the 100 hourly Simple moving average.</li>
 <li style="font-weight: 400">There is a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li>
 <li style="font-weight: 400">The pair could further if there is a clear move below the $68,000 level.</li>
</ul>
<h3 id="span-style-font-weight-400-bitcoin-price-dips-again-span">Bitcoin Price Dips Again</h3>
Bitcoin price attempted another increase above the $69,500 resistance zone. BTC even broke the $70,000 resistance zone but it failed to extend gains.&nbsp;
A high was formed at $70,142 before there was a fresh decline.
The price declined below the $69,500 and $68,500 support levels.&nbsp;
A low was formed at $67,920 and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low.
Bitcoin is now trading below $69,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,800 level.&nbsp;
The first major resistance could be $69,000 and the 50% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low.
The next key resistance could be $69,500. There is also a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair.&nbsp;
A clear move above the $69,500 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $71,200 resistance.
<h3 id="span-style-font-weight-400-more-losses-in-btc-span">More Losses In BTC?</h3>
If Bitcoin fails to climb above the $69,500 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level.
The first major support is $67,650. The next support is now forming near $67,500. Any more losses might send the price toward the $66,400 support zone in the near term.
<h3 id="span-style-font-weight-400-technical-indicators-span">Technical Indicators:</h3>
<ul>
 <li style="font-weight: 400">Hourly MACD – The MACD is now gaining pace in the bearish zone.</li>
 <li style="font-weight: 400">Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.</li>
 <li style="font-weight: 400">Major Support Levels – $68,000, followed by $67,500.</li>
 <li style="font-weight: 400">Major Resistance Levels – $69,000, and $69,500.</li>
</ul>
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>

Price Analysis: Bitcoin (BTC) Price Falters: Another Downturn In Crypto Prices

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