Bitcoin Price At Risk of More Downsides Before Fresh Increase To $70K

Bitcoin price struggled to recover above the $68,800 resistance. BTC is now moving lower and there is a risk of more downsides below the $65,000 support.

• Bitcoin price is struggling to start a fresh increase above the $68,000 zone.
• The price is trading below $68,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $68,000 resistance zone in the near term.

Bitcoin Price Faces Resistance

Bitcoin price attempted a fresh increase above the $65,500 zone. BTC climbed above the $67,200 and $68,000 levels. However, the bears were active near the $69,000 zone.

A high was formed at $68,898 and the price is now moving lower. There was a move below the $67,500 support zone. The price declined below the 50% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.

Bitcoin is now trading below $68,000 and the 100 hourly Simple moving average. It is testing the 76.4% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.

There is also a connecting bearish trend line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $66,750 level. The next key resistance could be $67,800 or the trend line, above which the price could rise toward the $68,800 resistance zone.

Source: BTCUSD on TradingView.com

If there is a clear move above the $68,800 resistance zone, the price could even attempt a move above the $70,000 resistance zone. Any more gains might send the price toward the $71,200 level.

More Losses In BTC?

If Bitcoin fails to rise above the $67,800 resistance zone, it could start another decline. Immediate support on the downside is near the $65,550 level.

The first major support is $65,000. The main support sits at $64,500. If there is a close below $64,500, the price could start a drop toward the $63,500 level. Any more losses might send the price toward the $62,000 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.

Major Support Levels – $65,500, followed by $65,000.

Major Resistance Levels – $67,800, $68,800, and $70,000.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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