Bitcoin’s recent surge above $68,500 and its attempt to surpass $70,000 has been halted as the cryptocurrency experiences a downside correction. The price of Bitcoin is now trading below $68,500 and the 100 hourly Simple Moving Average, indicating the presence of selling pressure.
A key bullish trend line with support at $68,620 has been broken, contributing to the downward movement. The immediate support level is now at $66,000, and if Bitcoin fails to maintain above this level, it might further extend its losses.
However, if Bitcoin manages to recover and surpass the $67,200 resistance level, it could potentially resume its upward momentum. The next resistance levels to watch out for are at $68,000 and $68,500. A strong close above $68,500 could ignite bullish moves and possibly test the $70,000 resistance once again.
On the other hand, if Bitcoin fails to recover and falls below the current support levels, it could face additional losses. The first major support is at $65,500, followed by $65,000. Further downward movement may lead Bitcoin towards the $63,500 support zone.
Technical indicators such as the hourly MACD and Relative Strength Index (RSI) suggest a bearish trend for Bitcoin at the moment. The MACD is gaining momentum in the bearish zone, while the RSI is below the 50 level, indicating a potential further decline in price.
Overall, the immediate direction of Bitcoin’s price remains uncertain as it faces selling pressure and the possibility of extended losses. Traders and investors should closely monitor the support and resistance levels mentioned for potential trading opportunities.