BEARISH 📉 : Bitcoin struggles below $70,000 facing strong resistance levels

Bitcoin Price Analysis

Bitcoin is attempting recovery but facing resistance around $72,000.
The price is below $70,000 and the 100 hourly simple moving average.
A bearish trend line with resistance at $69,200 is forming on BTC/USD's hourly chart.
A dip may occur if Bitcoin drops below $68,000 and $67,700.

Bitcoin has stabilized above $66,500 and climbed above the $68,000 resistance zone. The price exceeded the 50% Fib retracement level between $78,988 and $60,500. Resistance remains strong near $72,200 and $72,500.

Bitcoin Price

Immediate resistance is at $69,200. A rise above $71,000 could lead to testing the $72,000 resistance. Further gains might target $73,500, with barriers at $74,000 and $74,500.

Potential Decline Scenario

If Bitcoin doesn't surpass the $71,500 resistance, a decline is possible.
Immediate support lies at $68,000, with major support at $67,650.
Further losses could push the price towards $65,000, with main support at $63,200.

Technical Indicators

Hourly MACD: Gaining pace in the bearish zone.
Hourly RSI: Below the 50 level.
Major Support Levels: $68,000, $67,600
Major Resistance Levels: $71,500, $72,000