NewsBTC
15 hour ago
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BEARISH 📉 : Bitcoin price declines below $68,800 facing further losses

Bitcoin Price Update

  • Bitcoin price has declined below $70,000, now trading around $68,800.
  • The price is moving lower, currently near $68,400 and the 100 hourly simple moving average.
  • A break occurred below a bullish trend line with support at $69,500 on the BTC/USD hourly chart (Kraken data).

Price Movement Details

  • Bitcoin fell below the $69,200 support zone and the 38.2% Fib retracement level from $65,072 to $70,935.
  • If stable above $68,000, Bitcoin might attempt recovery with immediate resistance at $68,800.
  • Key resistance levels are at $69,500, potentially leading to testing the $70,000 and $70,500 levels.

Bitcoin Price

Potential for Further Decline

  • Failure to rise above $69,500 could result in another decline, with immediate support at $68,200.
  • Major support is at $68,000 and further down at $66,500, which is critical for potential recovery.

Technical Indicators:

  • Hourly MACD is gaining pace in the bearish zone.
  • Hourly RSI is below 50.
  • Major support levels: $68,000 and $66,500.
  • Major resistance levels: $69,500 and $70,000.