Bitcoin has once again extended its decline, this time falling below the $68,000 level and slowly moving towards the $66,250 support zone. The bears have been successful in pushing the price lower, with a recent low of $67,100 being reached. The price is currently consolidating losses and struggling to move back above key resistance levels.
A notable bearish trend line has formed with resistance at $67,900 on the hourly chart of the BTC/USD pair. This trend line, along with the 100 hourly SMA, is proving to be a strong barrier for any upward movement in price. The resistance near the $68,000 level is also significant, with further obstacles at $68,800 and $69,250.
In the event of a breakthrough above the $69,250 resistance level, Bitcoin price could see a significant uptrend. This could potentially lead to a test of the $70,000 resistance and even a push towards $72,600. However, if the price fails to climb above $68,000, further downside movement is likely. Immediate support levels are at $67,250 and $67,000, with the next support forming near $66,250. Any continued losses could drive the price towards the $65,000 support zone in the near term.
The hourly MACD indicator is showing a loss of momentum in the bearish zone, indicating a continuation of the current downtrend. On the other hand, the RSI for BTC/USD is slightly above the 50 level, suggesting a possible shift towards bullish territory. Major support levels to watch are at $67,100 and $66,250, while major resistance levels are at $68,000 and $68,800.
Bitcoin price is facing strong resistance levels and struggling to break above key barriers. The bearish trend is likely to continue in the near term unless a significant breakthrough occurs. Traders should exercise caution and closely monitor key support and resistance levels for potential trading opportunities.