Bitcoin Price Rejected Above $70K, Bulls Lose Grip on Momentum

Bitcoin price started a decent increase above the $68,800 zone. BTC is trimming gains and might revisit the $67,500 support zone.

• Bitcoin gained pace for a move above the $68,500 and $68,800 levels.
• The price is trading above $68,000 and the 100 hourly simple moving average.
• There is a bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might extend losses if it stays below the $69,250 and $69,500 levels.

Bitcoin price managed to climb higher above the $68,000 resistance zone. BTC gained pace for a move above the $68,500 and $68,800 levels.

The price even climbed above $70,000 but failed to remain in a positive zone. A high was formed at $70,463, and the price started a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $65,688 swing low to the $70,463 high.

Bitcoin is now trading above $68,000 and the 100 hourly simple moving average. There is also a bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair.

If the price remains stable above $67,500, it could attempt a fresh increase. Immediate resistance is near the $69,350 level. The first key resistance is near the $69,800 level. A close above the $69,800 resistance might send the price further higher. In the stated case, the price could rise and test the $70,500 resistance. Any more gains might send the price toward the $71,500 level. The next barrier for the bulls could be $72,000.

If Bitcoin fails to rise above the $69,350 resistance zone, it could start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,800 level.

The next support is now near the $67,500 zone or the 61.8% Fib retracement level of the upward move from the $65,688 swing low to the $70,463 high. Any more losses might send the price toward the $66,800 support in the near term. The main support now sits at $65,500, 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 – $68,000, followed by $67,500.

Major Resistance Levels – $69,350 and $70,500.