Bitcoin price failed to settle above the $72,000 resistance. BTC corrected gains and is now moving lower towards the $67,500 support zone.
- Bitcoin struggled to clear the $72,000 and $72,500 resistance levels.
- The price is below $70,000 and the 100 hourly simple moving average.
- There was a break below a key bullish trendline with support near $70,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could move further lower if it breaks the $68,500 support level.
Bitcoin price cuts into profits
Bitcoin price recorded a decent increase above the $70,000 resistance zone. BTC even cleared the $71,200 and $72,000 resistance levels, but the upside was limited.
The bears appeared near the $72,500 zone. A high was formed near the $72,609 level and the price struggled to settle above the $72,000 level. There was another bearish reaction below the $71,200 level. The price fell below the 50% Fib retracement level of the upward move from the swing low at $68,955 to the high at $72,609.
There was a break below a key bullish trendline with support near $70,400 on the hourly chart of the BTC/USD pair. Bitcoin is currently trading below $70,000 and the 100 hourly simple moving average.
The bulls are now protecting the $68,500 support and the 61.8% Fibonacci retracement level of the upward move from the swing low of $68,955 to the high of $72,609. Immediate resistance is near the $69,500 level and the 100 hourly simple moving average.
The first major resistance could be at $70,000. The next resistance is now at $71,200. If there is a clear move above the $71,200 resistance zone, the price could start a fresh increase.
Source: BTCUSD on TradingView.com
In the mentioned case, the price could rise towards $72,000. The next major resistance is near the $72,500 zone. Further gains could push Bitcoin towards the $73,500 resistance zone in the near term.
Other disadvantages of BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, another downtrend could occur. The immediate downside support is near the $68,500 level.
The first major support is at $67,500. If the close is below $67,500, the price could decline towards the $66,000 level. Any further losses could push the price towards the $65,000 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Main support levels – $68,500, followed by $67,500.
Major resistance levels – $69,500, $70,000 and $71,200.
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