Bitcoin ceded its bullish momentum, failing to maintain support above the $68,500 level. Experiencing amplified losses, the key cryptocurrency is now displaying bearish signals beneath the $68,800 mark.
Initiating another downturn from the resistance zone of $70,150, Bitcoin is presently trading below $68,800. Moreover, it remains beneath the 100 hourly Simple moving average, an essential indicator in the world of cryptocurrency trading.
In the volatility of hourly movements, a key bearish trend has been discovered with resistance appearing at $69,500 on the hourly table for the Bitcoin/US Dollar pair. This data, pulled from respected cryptocurrency exchange, Kraken, suggests that the pair could plummet even further if the crypto giant dips decidedly under the $68,000 level.
Bitcoin recently dared another ascension above the formidable $69,500 resistance zone. Encouragingly, BTC even crossed the $70,000 resistance barrier. However, it faltered in its quest to further augment its profits. Just as success was in sight, a high mark of $70,142 was established before an unexpected downturn occurred.
The price of Bitcoin sunk below the $69,500 and $68,500 support benchmarks. A trough was subsequently formed at $67,920. Presently, Bitcoin’s price is regrouping from its losses around a Fib retracement level of 23.6% – a key figure derived from its downward journey from the swing high of $70,142 to the low point of $67,920.
Notably, Bitcoin is currently valued beneath $69,500 and the 100 hourly Simple moving average. On the brighter side, however, its price is resisting a close fall to the $68,800 mark. Potential saving grace could be found in the first substantial resistance of $69,000 – a crucial mark that also represents the 50% Fib retracement level in the downward shift from the swing high of $70,142 to the $67,920 valley.
In terms of resistances, the next significant level could be $69,500. A discernable escalade above this resistance could potentially trigger a price surge. Under such a scenario, the price might reach up again to the $70,000 resistance level, and further gains could potentially transport BTC in the direction of the $71,200 resistance barrier.
However, Bitcoin may face precarious times if it fails to ascend beyond the $69,500 resistance zone. Another decline may be imminent. The nearest support on the downturn scenario is situated around the $68,000 level. The primary support worth monitoring is $67,650, while the next one is now taking shape by the $67,500 mark. Any further losses may steer Bitcoin to the $66,400 support zone in the short term.
In technical terms, the Hourly MACD is indicating an increase in pace within the bearish zone. Moreover, in terms of the Hourly RSI (Relative Strength Index), the statistics for BTC/USD are currently beneath the neutral mark of 50. The major levels to observe are -$68,000 and then $67,500 for support and $69,000 and $69,500 for resistance.
