Bitcoin price is moving lower from resistance at $73,000. BTC needs to stay above the $67,000 support to start a fresh increase in the near term.
- Bitcoin price is correcting gains and moving lower from the $73,000 zone.
- The price is below $71,000 and the 100 hourly simple moving average.
- There was a break below a key uptrend line with support at $72,820 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could revisit the $67,000 support zone in the near term.
Bitcoin price corrects downwards
Bitcoin price made another attempt to gain strength above the $72,500 level. However, there was no clear move above the $72,500 level and the price reacted lower.
There was a decline below the $72,000 and $71,500 levels. Also, there was a break below a key uptrend line with support at $72,820 on the hourly chart of the BTC/USD pair. The pair even fell below the $70,000 mark. A low is forming at $68,403 and the price is now showing some bearish signs.
Bitcoin is currently trading below $71,000 and the 100 hourly simple moving average. Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the swing high at $72,043 to the low at $68,403.
Source: BTCUSD on TradingView.com
The next key resistance could be at $70,500 or the 61.8% Fib retracement level of the downward move from the swing high at $72,043 to low at $68,403, above which the price could rise towards the $72,000 resistance zone. If there is a clear move above the $72,000 resistance zone, the price might even attempt to rise above the $73,000 resistance zone. Further gains could push the price towards the $75,000 level.
More losses on BTC?
If Bitcoin fails to rise above the $70,500 resistance zone, another downtrend could occur. The immediate downside support is near the $68,500 level.
The first major support is at $67,500. The main support lies at $67,000. If it closes below $67,000, the price could initiate a significant decline towards the $65,500 level. Any further losses could push the price towards the $65,000 support zone.
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 $67,000.
Major resistance levels – $70,500, $72,000 and $73,000.
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