Bitcoin Slips Below $70,000 as Bears Take the Wheel

Bitcoin price started a fresh decline below the $70,000 zone. $BTC is consolidating and might continue lower if it dips below $66,000. Bitcoin failed to hold above $70,500 and extended its losses, trading below $70,000 and the 100 hourly simple moving average. A bearish trend line is forming with resistance near $68,000 on the hourly chart of the $BTC/USD pair (data feed from Kraken). If the pair stays below $67,500 and $68,500, the move down likely has more to give.

Bitcoin Price Nosedives

Bitcoin failed to hold the $72,000 support zone. $BTC remained in bearish territory and extended losses below the $70,500 level, with a move below $70,000 following shortly after. The price even dipped below $67,200. A low was formed at $66,111, and the price is now consolidating losses with a bearish tilt below the 23.6% Fib retracement level of the downward move from the $74,070 swing high to the $66,111 low. Bitcoin is trading below $70,000 and the 100 hourly simple moving average. If the price holds above $66,000, a fresh push higher could be on the table. Immediate resistance sits near the $68,000 level, where that bearish trend line continues to form on the hourly chart. Source: BTCUSD on TradingView.com

The first key resistance is near $68,500. A close above that level could send the price higher, potentially testing the $70,000 resistance and the 50% Fib retracement level of the downward move from $74,070 to $66,111. Further gains might push the price toward $71,500, with the next hurdle for the bulls sitting at $72,000.

Downside Acceleration In $BTC?

If Bitcoin fails to climb back above the $70,000 resistance zone, another decline could be in store. Immediate support is near $66,200, with the first major support around $66,000 and the next near $65,000. Additional losses might drag the price toward $64,200 in the near term. The main support now sits at $63,500, a level below which $BTC could struggle to recover anytime soon.

Technical indicators:

• Hourly MACD: Gaining pace in the bearish zone.
• Hourly RSI (Relative Strength Index): Below the 50 level.
• Major Support Levels: $66,000, followed by $65,000.
• Major Resistance Levels: $68,000 and $70,000.