Bitcoin’s price recently failed to settle above the $72,000 resistance level. The cryptocurrency corrected gains and is now moving lower towards the $67,500 support zone. The price struggled to clear the $72,000 and $72,500 resistance levels, trading below $70,000 and the 100 hourly Simple Moving Average.
There was a break below a major bullish trend line with support near $70,400 on the hourly chart of the BTC/USD pair. This break indicates a shift in momentum towards the bearish side. In the case that Bitcoin does not manage to rise above the $70,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,500 level, with the first major support at $67,500.
Bitcoin saw a decent increase above the $70,000 resistance zone, clearing the $71,200 and $72,000 resistance levels. However, upsides were limited as the bears appeared near the $72,500 zone. A high was formed near the $72,609 level, with the price struggling to settle above $72,000.
The hourly MACD for Bitcoin is now gaining pace in the bearish zone. The hourly RSI for BTC/USD is currently below the 50 level, indicating a bearish trend. Major support levels to watch for are $68,500 and $67,500, while major resistance levels include $69,500, $70,000, and $71,200.
Bitcoin’s price is currently facing challenges in breaking key resistance levels and is struggling to maintain bullish momentum. The failure to rise above $70,000 could lead to further downside movement, with immediate support levels at $68,500 and $67,500. Traders and investors are advised to conduct their own research before making any investment decisions, as trading cryptocurrency carries inherent risks. Stay tuned for more updates on Bitcoin price movements.
