Bitcoin Price Falters: Another Downturn In Crypto Prices

Bitcoin price failed to stay above the $68,500 support zone. BTC extended losses and now showing bearish signs below the $68,800 level.

  • Bitcoin started another decline from the $70,150 resistance zone.
  • The price is trading below $68,800 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could further if there is a clear move below the $68,000 level.

Bitcoin Price Dips Again

Bitcoin price attempted another increase above the $69,500 resistance zone. BTC even broke the $70,000 resistance zone but it failed to extend gains. A high was formed at $70,142 before there was a fresh decline.

The price declined below the $69,500 and $68,500 support levels. A low was formed at $67,920 and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low.

Bitcoin is now trading below $69,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,800 level. The first major resistance could be $69,000 and the 50% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low.

Bitcoin Price

The next key resistance could be $69,500. There is also a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair. A clear move above the $69,500 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $71,200 resistance.

More Losses In BTC?

If Bitcoin fails to climb above the $69,500 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level.

The first major support is $67,650. The next support is now forming near $67,500. Any more losses might send the price toward the $66,400 support zone in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $68,000, followed by $67,500.

Major Resistance Levels – $69,000, and $69,500.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

Latest posts

post-thumbnail
The Crypto Markets Continue to Drop While Institutions Accumulate ETFs: Who Is Selling BTC?
The post The Crypto Markets Continue to Drop While Institutions Accumulate ETFs: Who Is Selling BTC?...
READ MORE
default post thumbnail
Trump Pledges to End Biden’s ‘War on Crypto’ and Boost Bitcoin in America
The post Trump Pledges to End Biden’s ‘War on Crypto’ and Boost Bitcoin in America appeared fi...
READ MORE
post-thumbnail
Move Over Hulk Hogan and His Coin Shills: This New Meme Coin is the Talk of the Town
The post Move Over Hulk Hogan and His Coin Shills: This New Meme Coin is the Talk of the Town appear...
READ MORE
post-thumbnail
ETH Whales Bet Big on GORB: The Meme Coin of Summer 2024, Surpassing WIF
The post ETH Whales Bet Big on GORB: The Meme Coin of Summer 2024, Surpassing WIF appeared first on ...
READ MORE
post-thumbnail
Ripple vs SEC: SEC Accuses Ripple Over ODL Sales Mirror Past Violations
The post Ripple vs SEC: SEC Accuses Ripple Over ODL Sales Mirror Past Violations appeared first on C...
READ MORE
post-thumbnail
Polkadot And ICP Trending Down, As Holders Head To New 100x Altcoin To Recover Profits!
The post Polkadot And ICP Trending Down, As Holders Head To New 100x Altcoin To Recover Profits! app...
READ MORE
post-thumbnail
Altcoin Season Is Intact, Here’s a List of Top Three Coins to Stack for 10X Gains
The post Altcoin Season Is Intact, Here’s a List of Top Three Coins to Stack for 10X Gains appeare...
READ MORE
post-thumbnail
Top Analysts Recommend These 3 Memecoins for Your Portfolio As They Are Predicted To Pump 100x
The post Top Analysts Recommend These 3 Memecoins for Your Portfolio As They Are Predicted To Pump 1...
READ MORE
post-thumbnail
FLOKI Launches Major Campaign in Nigeria
The post FLOKI Launches Major Campaign in Nigeria appeared first on Coinpedia Fintech News FLOKI, th...
READ MORE
post-thumbnail
Robert Kiyosaki Urges Investors to Buy Bitcoin Despite High Prices
The post Robert Kiyosaki Urges Investors to Buy Bitcoin Despite High Prices appeared first on Coinpe...
READ MORE
Read more posts