Bitcoin Price Pulls Back: Will Bulls Conquer the Selling Pressure?

Bitcoin price started a downside correction from the $70,000 resistance. BTC is now correcting gains and might extend losses if it trades below $66,000.

• Bitcoin struggled near $70,000 and started a downside correction.
• The price is trading below $68,500 and the 100 hourly Simple moving average.
• There was a break below a key bullish trend line with support at $68,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend losses if it fails to stay above the $66,000 support zone.

Bitcoin price extended gains above the $68,500 resistance zone. BTC even spiked toward the $70,000 resistance zone. However, it failed to stay near $70,000 and started a downside correction.

There was a move below the $68,500 and $68,000 support levels. Besides, there was a break below a key bullish trend line with support at $68,620 on the hourly chart of the BTC/USD pair. The pair even declined below the $66,500 support zone.

It tested the $66,000 zone. A low is formed at $66,063 and the price is now consolidating losses. Bitcoin price is trading below $68,500 and the 100 hourly Simple moving average.

On the upside, the price could face resistance near the $67,000 level. The first key resistance is near the $67,200 level or the 23.6% Fib retracement level of the downward move from the $69,985 swing high to the $66,036 low. A clear move above the $67,200 resistance might send the price further higher in the coming sessions.

The next key resistance could be $68,000 or the 50% Fib retracement level of the downward move from the $69,985 swing high to the $66,036 low. The next major hurdle sits at $68,500. A close above the $68,500 resistance might spark bullish moves. In the stated case, the price could rise and test the $70,000 resistance.

If Bitcoin fails to recover above the $67,200 resistance zone, it could start another decline. Immediate support on the downside is near the $66,000 level.

The first major support is $65,500. The next support is now 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 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 – $66,000, followed by $65,500.

Major Resistance Levels – $67,200, and $68,000.