Bitcoin Price Faces Another Rejection As Upside | Crypto News
Bitcoin price failed to keep above $70,000 and began another decline. BTC is now trading below $68,800 and would possibly prolong losses in the close to time period.
- Bitcoin is slowly shifting decrease below $69,500 and $69,200.
- The price is trading close to $68,400 and the 100 hourly simple shifting average.
- There was a break below a bullish development line with help at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair would possibly dip again if it trades below the $68,400 and $68,000 ranges.
Bitcoin Price Dips Again
Bitcoin price failed to stay secure above the $70,000 zone. BTC began a recent decline and traded below the $69,200 help zone. There was a push below $69,000.
The price dipped below the 38.2% Fib retracement stage of the upward transfer from the $65,072 swing low to the $70,935 high. Besides, there was a break below a bullish development line with help at $69,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading close to $68,400 and the 100 hourly simple shifting average. If the price stays secure above $68,000, it may attempt a recent increase. Immediate resistance is close to the $68,800 stage.
The first key resistance is close to the $69,500 stage. A close above the $69,500 resistance would possibly ship the price additional greater. In the acknowledged case, the price may rise and take a look at the $70,000 resistance. Any more features would possibly ship the price toward the $70,500 stage. The next barrier for the bulls could possibly be $72,000 and $72,500.
More Losses In BTC?
If Bitcoin fails to rise above the $69,500 resistance zone, it may start another decline. Immediate help is close to the $68,200 stage. The first major help is close to the $68,000 stage or the 50% Fib retracement stage of the upward transfer from the $65,072 swing low to the $70,935 high.
The next help is now close to the $67,350 zone. Any more losses would possibly ship the price toward the $67,350 help in the close to time period. The main help now sits at $66,500, below which BTC would possibly wrestle to get well in the close to time period.
Technical indicators:
Hourly MACD – The MACD is now gaining tempo in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 stage.
Major Support Levels – $68,000, adopted by $66,500.
Major Resistance Levels – $69,500 and $70,000.
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