Bitcoin Price Fails To Stabilize, Is Another Drop Imminent?
Bitcoin price started a recovery wave above $68,500. BTC is now struggling to clear $72,000 and might start another decline in the near term. The first key resistance is near the $71,000 level. A close above the $71,000 resistance might send the price further higher. In the stated case, the price could rise and test the $72,000 resistance or the 61.8% Fib retracement level of the downward move from the $78,988 swing high to the $60,500 low. Any more gains might send the price toward the $73,500 level. The next barrier for the bulls could be $74,000 and $74,500. If Bitcoin fails to rise above the $71,500 resistance zone, it could start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,650 level. The next support is now near the $65,500 zone. Any more losses might send the price toward the $65,000 support in the near term. The main support now sits at $63,200, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $68,000, followed by $67,600. Major Resistance Levels – $71,500 and $72,000.Another Decline In BTC?
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