Bitcoin Price Stalls Below $68,800, Resistance Limits Growth

Bitcoin's value couldn't maintain a position above $68,800 and has since seen a decline. Currently, BTC is consolidating under $68,000, with potential for further downward movement.

Key Takeaways

Bitcoin has dropped from above $70,500 and is currently below $68,800.
A bearish trend line is forming with a resistance point around $67,250.
If the price stays below $68,000, further decline is likely.
Immediate support lies near $65,750 and major support at $65,000.

Bitcoin Price Bounce Looks Hollow

Bitcoin Price Extends Losses

Bitcoin's price was unable to rise above $71,200, leading to a downward reaction. The value decreased and fell below the support level of $70,000.

The sellers pushed Bitcoin's price down past the $68,800 and $68,000 marks, testing the $65,000 area. A low was recorded at $65,030, and the price is currently stabilizing near the 23.6% Fibonacci retracement level after dropping from the swing high of $71,985 down to $65,030.

Currently, Bitcoin is trading below $68,000 and the 100 hourly simple moving average. There's a bearish trend line forming, showing resistance around $67,250 on the BTC/USD hourly chart.

If the price manages to stay above $65,750, a fresh increase may be attempted. Immediate resistance is noted around $68,000, while the first significant resistance level is near $67,250 and the trend line itself. A closing price above the $67,250 resistance could lead to further price increases.

Bitcoin Price Source: BTCUSD on TradingView.com

In this scenario, Bitcoin's price could rise and potentially test resistance at $68,500, which corresponds to the 50% Fibonacci retracement level from the previous drop. Any further gains might push the price toward the $69,200 mark, with the $70,000 level being the next significant hurdle for the bulls.

Potential Additional Losses for Bitcoin?

If Bitcoin fails to surpass the $68,500 resistance zone, it may initiate another decline. Immediate support is near the $65,750 level, with the first major support located at around $65,000.

The next support level stands at approximately $64,200. Continued losses might drive the price further down to the $64,000 support in the short term. The primary support is currently at $63,500; falling below this level could make recovery difficult for Bitcoin in the near future.

Technical Indicators:

Hourly MACD: The MACD is decreasing in the bearish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC/USD is hovering around the 50 mark.
Major Support Levels: $65,750, followed by $65,000.
Major Resistance Levels: $67,250 and $68,500.