Bitcoin Price Continues to Struggle below $70K: Can Bulls Make a Comeback?
Bitcoin’s price has been facing difficulties in reclaiming the $70,000 level, prompting a correction in its recent gains. Currently, BTC is trading below $69,000 and exhibiting some bearish signals.
The cryptocurrency experienced a downside correction, slipping below the $69,000 region and the 100 hourly Simple Moving Average. However, there is hope for the bulls as a key bullish trend line is forming with support at $67,600 on the BTC/USD pair’s hourly chart.
Following its failure to remain above the $70,000 support, Bitcoin’s price started a downward correction. It dipped below the $68,500 and $69,200 support levels, even breaching the $67,500 support. However, the price found a low at $67,243 and is currently consolidating its losses.
BTC managed to climb back above the $68,000 mark, along with the 23.6% Fibonacci retracement level of the drop from the $70,600 swing high to the $67,243 low. Nonetheless, it is still trading below the 100 hourly Simple Moving Average.
Should the price experience another rally, it could face resistance around the $68,800 level. The first significant resistance lies at $69,000 or the 50% Fibonacci retracement level of the downward move. Subsequently, the $69,550 mark becomes a key hurdle to overcome. If this resistance is cleared, Bitcoin might aim for the $70,600 resistance, with further gains potentially pushing it towards $72,000.
However, if BTC fails to surpass the $69,000 resistance zone, it may continue its decline. Immediate support can be found around the $67,650 level and the trend line. The major support levels to watch are at $67,500 and $66,250, while further losses might bring the price closer to the $65,000 support zone in the near future.
In terms of technical indicators, the hourly MACD is currently signaling a slowing momentum in the bearish zone, while the hourly RSI (Relative Strength Index) is above the 50 level.
The key levels to monitor remain at $69,000 and $70,600 for resistance, and $67,500 and $66,250 for support. The battle between the bulls and bears continues as Bitcoin strives to regain its bullish momentum.