Bitcoin Price Fails Again, Is This A Fresh Bearish Signal?

Bitcoin price failed to settle above the $72,000 resistance. BTC corrected gains and now moving lower toward the $67,500 support zone.

• Bitcoin struggled to clear the $72,000 and $72,500 resistance levels.
• The price is trading below $70,000 and the 100 hourly Simple moving average.
• There was a break below a major bullish trend line with support near $70,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move down if it breaks the $68,500 support level.

Bitcoin Price Trims Gains

Bitcoin price saw a decent increase above the $70,000 resistance zone . BTC even cleared the $71,200 and $72,000 resistance levels, but upsides were limited.

The bears appeared near the $72,500 zone. A high was formed near the $72,609 level and the price struggled to settle above the $72,000 level. There was a fresh bearish reaction below the $71,200 level. The price declined below the 50% Fib retracement level of the upward move from the $68,955 swing low to the $72,609 high.

There was a break below a major bullish trend line with support near $70,400 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $70,000 and the 100 hourly Simple moving average.

The bulls are now protecting the $68,500 support and the 61.8% Fib retracement level of the upward move from the $68,955 swing low to the $72,609 high. Immediate resistance is near the $69,500 level and the 100 hourly Simple moving average .

The first major resistance could be $70,000. The next resistance now sits at $71,200. If there is a clear move above the $71,200 resistance zone, the price could start a fresh increase.

 

Source: BTCUSD on TradingView.com

In the stated case, the price could rise toward $72,000. The next major resistance is near the $72,500 zone. Any more gains might send Bitcoin toward the $73,500 resistance zone in the near term.

More Downsides In BTC?

If Bitcoin fails to rise above the $70,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,500 level.

The first major support is $67,500. If there is a close below $67,500, the price could start a drop toward the $66,000 level. Any more losses might send the price toward the $65,000 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 – $68,500, followed by $67,500.

Major Resistance Levels – $69,500, $70,000, and $71,200.