Bitcoin Price Falls Below $70K, Potential for Further Declines

Bitcoin's recent movement has seen it struggle to maintain its position above $70,500, leading to further declines. Currently, BTC is consolidating below this level, with potential for continued downside.

Key Takeaways

Bitcoin has started a decline from over $71,200.
The price is currently below $70,500 and the 100-hour simple moving average.
A bearish trend line is forming, indicating resistance at $70,050 on the BTC/USD hourly chart.
A further decline could occur if Bitcoin remains below the key levels of $70,000 and $70,500.

Bitcoin Price Breaks Below $70K

Bitcoin Price Declines Further

Bitcoin has struggled to maintain upward momentum past $72,000, experiencing a downturn. After reaching below the $71,200 support, the price fell beneath both the $70,500 and $70,000 levels, testing the $68,000 zone. The lowest recorded point was $68,115, and currently, Bitcoin is stabilizing near the 23.6% Fibonacci retracement level of the decline from the swing high of $71,985 down to the low of $68,115.

Bitcoin is trading below $70,200 and the daily 100-hour simple moving average. Additionally, a bearish trend line with resistance at $70,050 is visible on the hourly chart of the BTC/USD pairing. Should the price manage to hold above $68,200, a potential rise could be on the horizon. Immediate resistance is situated near the $69,200 level, while significant resistance levels extend towards $70,000 and the established trend line. A successful close above $70,000 could propel the price higher.

Bitcoin Price Source: BTCUSD on TradingView.com

In this scenario, Bitcoin could rise to test the $70,500 resistance or the 61.8% Fibonacci retracement level of the recent downward move from the swing high of $71,985 to the low of $68,115. Further gains might lead the price toward the $71,200 mark, with the next hurdle for buyers being $72,000.

Potential for Additional BTC Losses

If Bitcoin cannot rise above the $70,000 resistance zone, it might trigger another downward movement. Immediate support is located near the $68,400 level, with primary support at around $68,000. Additional support can be found near the $67,200 zone. Should losses continue, the price may decline to the $66,800 support level in the short term. The primary support now rests at $65,500; falling below this may severely hinder BTC’s chances of recovery in the near future.

Technical Indicators

Hourly MACD: The MACD is losing momentum within the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD has fallen below the 50 mark.
Major Support Levels: $68,400 and $68,000.
Major Resistance Levels: $70,000 and $70,500.