Bitcoin price faced strong resistance near the $68,000 level and is now showing signs of further decline towards the $62,000 support zone. The price is currently trading below the $66,000 level and the 100 hourly Simple Moving Average. On the hourly chart, there is a short-term declining channel or a bullish flag with resistance at $66,200.
Although there was a decent recovery wave above $65,000 and $66,000, the bears pushed the price down near $68,000. The price then broke below the $66,000 support level and declined further. It is now trading below the 23.6% Fib retracement level of the recovery wave from the $60,778 swing low to the $68,137 high.
The bulls are attempting to defend the 50% Fib retracement level at $64,500. Immediate resistance is near $66,000, followed by a potential break out of the declining channel or bullish flag at $66,200. If the price manages to clear the $67,000 resistance zone, it could gain strength and possibly break above $68,000. The next significant resistance level is at $70,000.
However, if Bitcoin fails to rise above the $66,000 resistance, it is likely to continue moving downwards. The first major support is at $64,500, followed by $63,500. If the price closes below $62,000, it could trigger a drop towards the $61,200 level, with further losses potentially taking it to the $60,500 support zone.
The technical indicators are showing bearish signals, with the MACD gaining pace in the bearish zone and the RSI for BTC/USD falling below the 60 level.
In summary, Bitcoin price has rejected the $68,000 resistance and is showing indications of further downside towards the $62,000 support zone. Traders should closely monitor the key support and resistance levels for potential trading opportunities.