The recent movement in the price of Bitcoin has seen a decline from the $70,000 resistance zone, with BTC experiencing a drop of over 5% and breaking below the $67,500 support. This downward turn has resulted in the price trading below $68,500 and the 100 hourly Simple moving average.
There seems to be a gaining bearish momentum from the $70,000 resistance zone, indicating a potential further decline in the near term. A key bearish trend line is forming with resistance near $68,400 on the hourly chart of the BTC/USD pair. The pair could potentially extend its decline toward the $64,000 support zone.
Bitcoin price has struggled to settle above the $70,000 resistance zone, reacting to the downside after breaking the $69,200 support zone. This led to a sharp move below the $68,500 level, eventually declining below $67,000 and testing the $66,000 mark with a bearish angle. However, a low was formed near $65,992 and the price is now attempting a recovery wave.
Bitcoin is currently trading below $68,500 and the 100 hourly Simple moving average, with a key bearish trend line forming resistance near $68,400 on the hourly chart of the BTC/USD. Immediate resistance is near the $68,000 level, followed by the 50% Fib retracement level. The first major resistance could be around $68,500 alongside the trend line.
If there is a clear move above the $68,500 resistance zone, the price could potentially see a fresh increase towards the $70,000 resistance zone. On the other hand, failure to rise above the $68,000 resistance zone could result in further downward movement. Immediate support on the downside is near the $66,000 level, with major support levels at $65,000 and $64,000.
Hourly MACD is currently gaining pace in the bearish zone, while the hourly RSI for BTC/USD is below the 50 level. Major support levels are at $66,000 and $65,000, while major resistance levels include $68,000, $68,500, and $70,000. It is important to conduct thorough research and analysis before making any investment decisions, as investing in cryptocurrencies carries inherent risks.
The recent movement in Bitcoin price has shown a decline from the $70,000 resistance zone, with the potential for further downward movement towards the $64,000 support zone. Investors and traders should closely monitor the key resistance and support levels to gauge the future direction of Bitcoin price movement.