Bitcoin Price Struggles: Can the Leading Cryptocurrency Start Fresh Increase?

Bitcoin price extended its decline below the $68,000 level. BTC is now slowly moving lower toward the $66,250 support zone in the near term.

• Bitcoin extended its downside correction below the $68,000 zone.
• The price is trading below $68,500 and the 100 hourly Simple moving average.
• There is a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move down unless there is a close above the $68,500 level.

Bitcoin price extended its downside correction below the $69,000 level. BTC bears were able to push the price below the $68,000 support. Finally, the price tested the $67,000 zone.

A low has formed at $67,100 and the price is now consolidating losses. It recovered above the $67,5000 level and the 23.6% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low, with a bearish angle.

Bitcoin is now trading below $68,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,000 level. There is also a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair.

The first major resistance could be $68,800 or the 50% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low.

The next key resistance could be $69,250. A clear move above the $69,250 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 $72,600 resistance.

If Bitcoin fails to climb above the $68,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level.

The first major support is $67,000. The next support is now forming near $66,250. 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 losing pace in the bearish zone.

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

Major Support Levels – $67,100, followed by $66,250.

Major Resistance Levels – $68,000, and $68,800.