Bitcoin Price In Freefall As Panic Sweeps Through | Crypto News
Bitcoin price began a contemporary decline below the $70,000 zone. BTC is consolidating and would possibly continue to transfer down if it dips below $66,000.
- Bitcoin failed to keep above $70,500 and prolonged losses.
- The price is trading below $70,000 and the 100 hourly simple transferring average.
- There is a bearish pattern line forming with resistance close to $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair would possibly lengthen losses if it stays below the $67,500 and $68,500 ranges.
Bitcoin Price Nosedives
Bitcoin price failed to keep above the $72,000 help zone. BTC remained in a bearish zone and prolonged losses below the $70,500 stage. There was a transfer below the $70,000 stage.
The price even dipped below $67,200. A low was shaped at $66,111 and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement stage of the downward transfer from the $74,070 swing high to the $66,111 low.
Bitcoin is now trading below $70,000 and the 100 hourly simple transferring average. If the price stays secure above $66,000, it might attempt a contemporary increase. Immediate resistance is close to the $68,000 stage. There is also a bearish pattern line forming with resistance close to $68,000 on the hourly chart of the BTC/USD pair.
The first key resistance is close to the $68,500 stage. A close above the $68,500 resistance would possibly ship the price additional larger. In the acknowledged case, the price might rise and check the $70,000 resistance and the 50% Fib retracement stage of the downward transfer from the $74,070 swing high to the $66,111 low. Any more good points would possibly ship the price toward the $71,500 stage. The next barrier for the bulls might be $72,000.
Downside Acceleration In BTC?
If Bitcoin fails to rise above the $70,000 resistance zone, it might start another decline. Immediate help is close to the $66,200 stage.
The first major help is close to the $66,000 stage. The next help is now close to the $65,000 zone. Any more losses would possibly ship the price toward the $64,200 help in the close to time period. The main help now sits at $63,500, below which BTC would possibly battle to get better 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 – $66,000, adopted by $65,000.
Major Resistance Levels – $68,000 and $70,000.
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