- Bitcoin faced a failure to maintain its position above the $68,500 support line.
- The cryptocurrency currently shows bearish trends below the critical $68,800 threshold.
- Key resistance is forming around $69,500, per the BTC/USD hourly chart on Kraken.
An analysis of Bitcoin’s bearish trend with a potential downside past the $68,000 support level.
Bitcoin Price Dips Again
After attempting to break through the $69,500 resistance zone, Bitcoin surged past the $70,000 mark but could not sustain the increase. The price reached a peak at $70,142 before entering another downtrend. This drop brought Bitcoin below key support levels of $69,500 and $68,500, hitting a low of $67,920. Currently, Bitcoin consolidates its losses around the 23.6% Fibonacci retracement level from the $70,142 high to the $67,920 low.
Bitcoin Faces Continued Resistance
The cryptocurrency is trading below the $69,500 mark and the 100-hourly simple moving average. One of the first hurdles is around $68,800, with a major resistance at $69,000, aligned with the 50% Fibonacci retracement level of the recent downtrend. A clear break above $69,500 could potentially push Bitcoin to retest the $70,000 resistance, and beyond that, possibly reaching $71,200.
More Losses In BTC?
If Bitcoin fails to break past the $69,500 resistance, it could trigger further declines. Immediate support lies around $68,000. Key support levels to watch include $67,650 and $67,500. Any significant breakdown could lead Bitcoin towards the $66,400 support range. The hourly MACD is accelerating in the bearish zone, and the RSI for BTC/USD remains below the 50 level, indicating continued selling pressure.
Conclusion
Bitcoin’s price action underscores its inability to hold critical support levels above $68,500. As the cryptocurrency trades below the 100-hourly simple moving average, resistance is firming up around $69,500. On the flip side, failure to breach this resistance could see Bitcoin testing lower support levels near $67,500 and possibly $66,400. In the near term, traders should monitor these critical levels to anticipate potential moves within the broader market context.
