Bitcoin has been on a rollercoaster ride recently, with its price failing to settle above the $72,000 resistance level. Despite a decent increase above $70,000, BTC struggled to clear the $72,000 and $72,500 resistance levels, indicating a strong bearish sentiment in the market.
After reaching a high near the $72,609 level, Bitcoin faced a fresh bearish reaction, leading to a decline below the $71,200 level. This correction was further confirmed by a break below a major bullish trend line, signaling a potential downward movement towards the $67,500 support zone.
According to technical indicators, the MACD is gaining pace in the bearish zone, while the RSI for BTC/USD is below the 50 level, indicating a shift towards the bearish side. The immediate support on the downside is near the $68,500 level, followed by the first major support at $67,500. On the flip side, the immediate resistance levels are at $69,500, $70,000, and $71,200, respectively.
In the event of a clear move above the $71,200 resistance zone, Bitcoin could start a fresh increase towards $72,000, with the next major resistance at the $72,500 level. Conversely, if BTC fails to rise above the $70,000 resistance zone, it could experience further downward pressure, potentially dropping towards the $66,000 support level.
It is important to note that investing in cryptocurrencies, including Bitcoin, carries inherent risks. The article provided above is for educational purposes only and does not constitute financial advice. Readers are strongly encouraged to conduct their own research before making any investment decisions and to use the information presented at their own risk.