Bitcoin Price at Risk Again as Peace Talks Collapse, Downside Looms

Bitcoin price started a fresh decline from the $73,800 zone. BTC is consolidating and might struggle to stay above the $70,500 support.

• Bitcoin failed to stay above $72,500 and corrected gains.
• The price is trading below $72,000 and the 100 hourly simple moving average.
• There is a connecting bearish trend line forming with resistance at $71,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend losses if it stays below the $71,500 and $72,000 levels.

Bitcoin price failed to stay above the $72,500 resistance zone. BTC formed a top near $73,800 and started a fresh decline. There was a move below the $72,500 level.

The price dipped below the $71,500 and $71,200 levels. A low was formed at $70,517, and the price is now consolidating losses below the 23.6% Fib retracement level of the downward move from the $73,800 swing high to the $70,517 low.

Bitcoin is now trading below $72,000 and the 100 hourly simple moving average. If the price remains stable above $70,500, it could attempt a fresh increase. Immediate resistance is near the $71,500 level. There is also a connecting bearish trend line forming with resistance at $71,450 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $72,000 level. A close above the $72,000 resistance might send the price further higher. In the stated case, the price could rise and test the $72,500 resistance. Any more gains might send the price toward the $73,200 level. The next barrier for the bulls could be $74,000.

If Bitcoin fails to rise above the $72,000 resistance zone, it could start another decline. Immediate support is near the $70,800 level.

The first major support is near the $70,500 level. The next support is now near the $70,000 zone. Any more losses might send the price toward the $69,200 support in the near term. The main support now sits at $68,800, 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 – $70,500, followed by $70,000.

Major Resistance Levels – $71,500 and $72,000.