The price of Bitcoin has initiated a new downward trend from the $73,800 range. $BTC is currently in a consolidation phase and may find it challenging to maintain its position above the $70,500 support level.
Bitcoin was unable to hold above the $72,500 mark and has seen a correction in its gains. The current trading price is below $72,000 and also beneath the 100-hour simple moving average. An emerging bearish trend line indicates resistance at around $71,450 on the hourly chart for the $BTC/USD pair (data sourced from Kraken). If it remains under both the $71,500 and $72,000 thresholds, further losses could occur.
Another Decline for Bitcoin Prices
The Bitcoin price struggled to remain above the resistance zone of $72,500. After reaching a peak near $73,800, it began another decline that took it below this critical level.
The value dropped past both the $71,500 and $71,200 marks with a low established at approximately $70,517. Currently consolidating losses beneath 23.6% Fibonacci retracement level from its recent high down to this low point.
Bitcoin is trading under both levels of $72K as well as below its 100-hour simple moving average. Should prices stabilize over around$70K-50$, there’s potential for an upward movement; immediate resistance can be found near$71K-50$. Additionally,a bearish trend line appears with resistance set at about$71K-450$ on hourly charts for $BTC/USD pair.
The primary significant resistance lies close to$72K$. A successful close beyond this threshold might propel prices higher still; if so,$72k-$50$ would likely be tested next,and any additional gains could lead towards hitting around$73k-$200$. For bullish traders,the next major hurdle may appear at approximately74k.$
Persistent Downward Pressure on $BTC
If Bitcoin cannot break through that crucial barrier situated at around$$72000$, we might witness yet another downturn occurring soon after—immediate support now hovers near$$70800$.
The first substantial support comes into play just under $$70500$, followed closely by levels nearing $$70000$. Any further declines could push prices down toward supports resting closer towards$$69200.$ Meanwhile,the main stronghold sits back even lower,$68800; dropping below here will make recovery increasingly difficult within short timeframes ahead .
Technical Indicators:
- Hourly MACD: Currently accelerating within bearish territory.
- Hourly RSI (Relative Strength Index): $RSI readings indicate values are now positioned underneath threshold values marking less than half ($<50)$
- Major Support Levels: $70500, $70000
- Major Resistance Levels:& ;gt;$71500,& ;gt;$72000