Bitcoin Price Falls Further, Raising Stakes At The $70K Support

Bitcoin price extended its decline below $73,500. BTC is now consolidating losses but faces many hurdles near $75,500.

• Bitcoin is attempting to recover but struggling to clear hurdles.
• The price is trading below $75,000 and the 100 hourly simple moving average.
• There is a bearish trend line forming with resistance at $75,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might dip again if it trades below the $72,000 and $71,200 levels.

Bitcoin price failed to remain stable above the $75,000 zone. BTC extended its decline below the $74,000 and $73,500 levels. The bears were able to push the price below $72,500.

A low was formed at $71,532, and the price is now consolidating losses. The current price action is negative below the 23.6% Fib retracement level of the recent downward move from the $76,866 swing high to the $71,532 low. There is also a bearish trend line forming with resistance at $75,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading below $75,000 and the 100 hourly simple moving average. If the price remains stable above $72,000, it could attempt a fresh increase. Immediate resistance is near the $72,850 level. The first key resistance is near the $74,200 level.

A close above the $74,200 resistance might send the price further higher. In the stated case, the price could rise and test the $75,000 resistance or the 61.8% Fib retracement level of the recent downward move from the $76,866 swing high to the $71,532 low.

Any more gains might send the price toward the $75,500 level and the trend line. The next barrier for the bulls could be $76,850 and $78,000.

If Bitcoin fails to rise above the $75,000 resistance zone, it could start another decline. Immediate support is near the $72,000 level. The first major support is near the $71,200 level.

The next support is now near the $70,500 zone. Any more losses might send the price toward the $70,000 support in the near term. The main support now sits at $68,000, below which BTC might struggle to recover 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 – $72,000, followed by $71,200.

Major Resistance Levels – $72,850 and $74,200.