Bitcoin's Peace Treaty with Bulls Dissolves: Price Dips Below $72K as Bears Claim They 'Never Left'

Bitcoin price started a fresh decline from the $73,800 zone. $BTC is consolidating and might struggle to stay above the $70,500 support. The bulls are apparently still on their coffee break, and the bears have apparently decided to stop pretending they've left the building.

Bitcoin failed to stay above $72,500 and corrected gains. The price is trading below $72,000 and the 100 hourly simple moving average. There is a connecting bearish trend line forming with resistance at $71,450 on the hourly chart of the $BTC/USD pair. The chart is looking more bearish than a Discord server during arug-pull season.

The pair could extend losses if it stays below the $71,500 and $72,000 levels. For those keeping track at home, that's "if" as in "when the price inevitably does the thing it always does."

Bitcoin price failed to stay above the $72,500 resistance zone. $BTC formed a top near $73,800 and started a fresh decline. There was a move below the $72,500 level. The price dipped below the $71,500 and $71,200 levels. A low was formed at $70,517, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $73,800 swing high to the $70,517 low. The 23.6% Fib is basically the equivalent of a participation trophy for bulls at this point.

Bitcoin is now trading below $72,000 and the 100 hourly simple moving average. If the price remains stable above $70,500, it could attempt a fresh increase. Immediate resistance is near the $71,500 level. Stability above $70,500 is doing a lot of heavy lifting in this paragraph, kind of like how stablecoins are supposed to do.

The first key resistance is near the $72,000 level. A close above the $72,000 resistance might send the price further higher. In that case, the price could rise and test the $72,500 resistance. Any more gains might send the price toward the $73,200 level. The next barrier for the bulls could be $74,000. This is the part where we all pretend we're still bullish while quietly checking the support levels below.

If Bitcoin fails to rise above the $72,000 resistance zone, it could start another decline. Immediate support is near the $70,800 level. The first major support is near the $70,500 level. The next support is now near the $70,000 zone. Any more losses might send the price toward the $69,200 support in the near term. The main support now sits at $68,800, below which $BTC might struggle to recover in the near term. "Might struggle" is the financial journalism equivalent of "we told you so."

Technical indicators:

• Hourly MACD: The MACD is now gaining pace in the bearish zone. The bearish zone called, it wants its momentum back.
• Hourly RSI: The RSI for BTC/USD is now below the 50 level. RSI below 50 is the crypto equivalent of your portfolio having a midlife crisis.
• Major support levels: $70,500, followed by $70,000. The 70K gang is holding, for now.
• Major resistance levels: $71,500 and $72,000. These levels are about as solid as a promise made on a podcast.