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Can the leading cryptocurrency start to grow again? — TradingView News
Bitcoin price extended its decline below the $68,000 level. BTC is now slowly moving towards the $66,250 support zone in the near term.
- Bitcoin extended its downward correction below the $68,000 zone.
- The price is trading below $68,500 and the 100 hourly simple moving average.
- There is a key downtrend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to fall unless there is a close above the $68,500 level.
The price of Bitcoin drops further
Bitcoin price extended its downside correction below the $69,000 level. BTC bears managed to push the price below the $68,000 support. Finally, the price tested the $67,000 zone.
A low has formed at $67,100 and the price is now consolidating losses. It recovered above the $67,5000 level and the 23.6% Fib retracement level of the descending wave from the $70,600 swing high to $67,100 low, with a bearish angle.
Bitcoin is now trading below $68,500 and the 100 hourly simple moving average. On the bright side, the price is facing resistance near the $68,000 level. There is also a key downtrend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair.
The first major resistance could be $68,800 or the 50% Fib retracement level of the bearish wave from the $70,600 swing high to $67,100 low.
BTC News
The next key resistance could be $69,250. A clear move above the $69,250 resistance could push the price higher. In this case, the price could rise and test the $70,000 resistance. Any further gains could send BTC towards the $72,600 resistance.
More BTC losses?
If Bitcoin fails to break out of the $68,000 resistance zone, it could continue to decline. Immediate downside support is near the $67,250 level.
The first major support is $67,000. The next support is forming around $66,250. Any further losses could push the price towards the $65,000 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major support levels: $67,100, followed by $66,250.
Major resistance levels: $68,000 and $68,800.