Bitcoin has seen a continued decline in its price, moving below the $68,000 level. As of now, BTC is slowly edging lower towards the $66,250 support zone in the short term.
The cryptocurrency is currently trading below $68,500 and the 100 hourly Simple Moving Average. On the upside, BTC faces resistance near the $68,000 level, with a key bearish trend line forming at $67,900 on the hourly chart of the BTC/USD pair. The first major resistance is expected at $68,800, followed by $69,250.
If Bitcoin manages to break above the $69,250 resistance, there is a possibility for the price to rise further and test the $70,000 resistance level. Further gains could push BTC towards the $72,600 resistance. However, failure to surpass the $68,000 resistance could lead to continued downside movement.
In case of a decline, immediate support on the downside is anticipated near the $67,250 level. The first major support stands at $67,000, followed by the next support at $66,250. Further losses might drive the price towards the $65,000 support zone in the near future.
Currently, the hourly MACD for Bitcoin is showing a slowdown in the bearish momentum, while the hourly RSI is above the 50 level. This could indicate a potential stabilization in the price or a reversal of the current downtrend.
Bitcoin prices are experiencing a downward correction, with key resistance levels at $68,000 and $68,800. The immediate support levels are at $67,250, $67,000, and $66,250. Technical indicators suggest a possible stabilization in the price movement. Traders and investors should closely monitor the resistance and support levels to gauge the future direction of Bitcoin prices.
