Bitcoin’s price has been struggling to break the $70,000 resistance level, leading to a gradual decline towards the $67,000 support level. Despite briefly surpassing $69,500, the bears took control near the $70,000 mark. Currently, Bitcoin is trading above $68,000 and the 100 hourly Simple Moving Average (SMA). There is also a bullish trend line forming, with support at $68,000. If the trend line holds, BTC may continue downwards and test the $67,000 support zone.
In terms of resistance levels, immediate resistance lies near $68,850, followed by $69,200 and $69,500. If Bitcoin manages to break through the $69,500 resistance, it could potentially rally towards $70,000 and even the $72,000 level.
However, if Bitcoin fails to surpass the $68,850 resistance, it might experience another downward movement. The first major support level is at $68,000, followed by $67,000. A close below $67,000 could trigger a decent pullback towards the $65,500 level. Further losses may lead to a test of the $64,400 support zone.
Technical indicators are showing a bearish trend, with the MACD gaining momentum in the bearish zone and the hourly RSI below the 50 level.
It’s important to note that this analysis is for educational purposes only, and readers are advised to conduct their own research and exercise caution while making investment decisions.