Bitcoin
Market Momentum Declines Amid Trade Hesitation
Bitcoin price is slowly losing momentum and struggling below $70,000. BTC is now consolidating and facing hurdles near the $69,500 resistance zone.
- Bitcoin is facing many major obstacles near the $70,000 zone.
- The price is trading above $69,500 and the 100 hourly simple moving average.
- There is a bearish trendline forming with resistance at $69,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may continue falling if it remains below the $70,000 zone.
Bitcoin price below $70,000
Bitcoin price found support above the $66,000 level and began another increase. BTC managed to clear the $68,000 resistance zone. However, bears were active near the $69,500 and $70,000 levels.
A rally was formed near $69,608 and the price is now correcting gains. There was a move below the 23.6% Fibonacci retracement level of the upward move from the low of $66,250 to the high of $69,608. It even tested the $68,000 support zone.
Bulls are now active near the 50% Fibonacci retracement level of the upward move from the $66,250 low to $69,608 high. Bitcoin price is trading above $69,500 and the 100 hour simple moving average.
If there is a further increase, the price could face resistance near the $69,000 level. There is also a bearish trend line forming with resistance at $69,100 on the hourly chart of the BTC/USD pair. The first major resistance could be at $69,500.
The next key resistance could be at $70,000. A clear move above the $70,000 resistance could push the price higher. In this case, the price could rise and test the $71,200 resistance. Any further gains could send BTC towards the $72,000 resistance.
More losses in BTC?
If Bitcoin fails to rise above the $69,500 resistance zone, it could continue falling. Immediate downside support is near the $68,000 level.
The first major support is at $67,500. The next support is now forming near $67,000. Further losses could send the price towards the $65,500 support zone in the near 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 below the 50 level.
Key support levels – $67,500, followed by $67,000.
Main resistance levels – $69,100 and $69,500.