Bitcoin Price Falters: Another Downturn In Crypto Prices

Bitcoin’s price has taken another hit, experiencing a downward trend in the crypto market. After failing to hold above the $68,500 support zone, BTC has extended its losses and is now displaying bearish signs below the $68,800 level. This decline comes after Bitcoin attempted to rally and break through the $69,500 resistance zone, but it ultimately failed to gain momentum. With the price now consolidating losses near the 23.6% Fib retracement level, Bitcoin is trading below both the $69,500 resistance and the 100 hourly Simple Moving Average. The immediate support lies around the $68,000 level, and should it fail to climb above the $69,500 resistance, it could face further declines. Technical indicators suggest that the MACD is trending in the bearish zone, and the RSI for BTC/USD is now below the 50 level. Strong support levels are located at $68,000 and $67,500, while major resistance levels can be found at $69,000 and $69,500.