Bitcoin Price Rejected Above $70K, Bulls Lose Grip on Momentum
Bitcoin price started a decent increase above the $68,800 zone. BTC is trimming gains and might revisit the $67,500 support zone. If the price remains stable above $67,500, it could attempt a fresh increase. Immediate resistance is near the $69,350 level. The first key resistance is near the $69,800 level. A close above the $69,800 resistance might send the price further higher. In the stated case, the price could rise and test the $70,500 resistance. Any more gains might send the price toward the $71,500 level. The next barrier for the bulls could be $72,000. If Bitcoin fails to rise above the $69,350 resistance zone, it could start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,800 level. The next support is now near the $67,500 zone or the 61.8% Fib retracement level of the upward move from the $65,688 swing low to the $70,463 high. 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 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 $67,500. Major Resistance Levels – $69,350 and $70,500.More Losses In BTC?
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