Bitcoin Bears Gain Control: Further Drops on the Horizon

Bitcoin price struggled to recover above the $68,000 resistance zone. BTC is again moving lower and might even decline below the $66,000 support zone.

• Bitcoin started another decline from the $68,200 resistance zone.
• The price is trading below $68,000 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could recover but the upsides might be limited above the $68,000 level.

Bitcoin price struggled to climb above the $68,500 resistance zone. BTC remained in a bearish zone and extended losses below the $67,200 level. There was a move below the $67,000 level.

The price tested the $66,250 zone. A low was formed at $66,244 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. Bitcoin is now trading below $68,000 and the 100 hourly Simple moving average.

It seems like the price is forming a short-term base above the $66,250 zone, but there are many hurdles for the bulls. On the upside, the price is facing resistance near the $67,150 level. There is also a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC/USD pair.

The first major resistance could be $68,000 and the 50% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. The next key resistance could be $68,500. A clear move above the $68,500 resistance might send the price higher.

In the stated case, the price could rise and test the $69,200 resistance. Any more gains might send BTC toward the $70,000 resistance in the near term.

If Bitcoin fails to climb above the $67,150 resistance zone, it could start another decline. Immediate support on the downside is near the $66,250 level.

The first major support is $66,000. The next support is now forming near $65,000. Any more losses might send the price toward the $63,500 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 below the 50 level.

Major Support Levels – $67,000, followed by $66,000.

Major Resistance Levels – $68,550, and $69,200.