Bitcoin Price At Risk of More Downsides Before Fresh Increase To $70K

Bitcoin price struggled to recover above the $68,800 resistance. BTC is now moving lower and there is a risk of more downsides below the $65,000 support.

• Bitcoin price is struggling to start a fresh increase above the $68,000 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 $67,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could gain bullish momentum if it clears the $68,000 resistance zone in the near term.

Bitcoin price attempted a fresh increase above the $65,500 zone. BTC climbed above the $67,200 and $68,000 levels. However, the bears were active near the $69,000 zone.

A high was formed at $68,898 and the price is now moving lower. There was a move below the $67,500 support zone. The price declined below the 50% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.

Bitcoin is now trading below $68,000 and the 100 hourly Simple moving average. It is testing the 76.4% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high.

There is also a connecting bearish trend line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $66,750 level. The next key resistance could be $67,800 or the trend line, above which the price could rise toward the $68,800 resistance zone.

Source: BTCUSD on TradingView.com

If there is a clear move above the $68,800 resistance zone, the price could even attempt a move above the $70,000 resistance zone. Any more gains might send the price toward the $71,200 level.

If Bitcoin fails to rise above the $67,800 resistance zone, it could start another decline. Immediate support on the downside is near the $65,550 level.

The first major support is $65,000. The main support sits at $64,500. If there is a close below $64,500, the price could start a drop toward the $63,500 level. Any more losses might send the price toward the $62,000 support zone.

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 – $65,500, followed by $65,000.

Major Resistance Levels – $67,800, $68,800, and $70,000.