Bitcoin Price Cools Off — Range Forms Around $70K Support
Bitcoin price started a sharp decline from well above $73,000. BTC is now consolidating and might aim for a fresh increase if it clears $72,400. In the stated case, the price could rise and test the $72,400 resistance or the 50% Fib retracement level of the recent decline from the $75,998 swing high to the $68,782 low. Any more gains might send the price toward the $73,250 level. The next barrier for the bulls could be $74,000. If Bitcoin fails to rise above the $72,400 resistance zone, it could start another decline. Immediate support is near the $69,650 level. The first major support is near the $69,000 level. The next support is now near the $68,800 zone. Any more losses might send the price toward the $68,000 support in the near term. The main support now sits at $67,200, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $69,650, followed by $68,800. Major Resistance Levels – $71,500 and $72,400.Downside Extension In BTC?
About Author
