Bitcoin Price Rally Fades, Market Braces for Possible Downside
Bitcoin price failed to extend its recovery wave above the $70,500 zone. BTC is now consolidating and might decline again below $68,500. If the price remains stable above $68,400, it could attempt a fresh increase. Immediate resistance is near the $70,000 level. The first key resistance is near the $70,500 level. A close above the $70,500 resistance might send the price further higher. In the stated case, the price could rise and test the $71,200 resistance. Any more gains might send the price toward the $72,000 level or the 76.4% Fib retracement level of the downward move from the $74,062 swing high to the $65,646 low. The next barrier for the bulls could be $72,650. If Bitcoin fails to rise above the $70,500 resistance zone, it could start another decline. Immediate support is near the $68,800 level. The first major support is near the $68,400 level. The next support is now near the $68,000 zone. Any more losses might send the price toward the $67,250 support in the near term. The main support now sits at $66,500, 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 – $68,400, followed by $68,000. Major Resistance Levels – $70,500 and $71,200.More Downside In BTC?
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