Bitcoin Price Breaks Below $70K, Sellers Eye Further Downside
Bitcoin price failed to stay above $70,500 and declined further. BTC is now consolidating below $70,500 and might continue to move down. In the stated case, the price could rise and test the $70,500 resistance or the 61.8% Fib retracement level of the downward move from the $71,985 swing high to the $68,115 low. Any more gains might send the price toward the $71,200 level. The next barrier for the bulls could be $72,000. If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support is near the $68,400 level. The first major support is near the $68,000 level. The next support is now near the $67,200 zone. Any more losses might send the price toward the $66,800 support in the near term. The main support now sits at $65,500, 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 – $68,400, followed by $68,000. Major Resistance Levels – $70,000 and $70,500.More Losses In BTC?
About Author
