Bitcoin Price Sinks Below $68K, Downside Targets Come Into Focus

Bitcoin price started a fresh decline below $68,500 and $68,000. BTC is now consolidating and might struggle to start a recovery wave above $68,500.

• Bitcoin started a fresh decline after it settled above the $69,500 zone.
• The price is trading below $68,000 and the 100 hourly simple moving average.
• There was a break below a major bullish trend line with support at $68,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair might dip again if it trades below the $65,500 and $65,000 levels.

Bitcoin price failed to extend its increase above the $68,500 zone. BTC started a fresh decline after it settled below the $68,000 support zone.

The bears pushed the price below $67,500 and $67,200. Besides, there was a break below a major bullish trend line with support at $68,900 on the hourly chart of the BTC/USD pair. Finally, the price tested the $65,500 zone. A low was formed at $65,646, and the price is now consolidating losses.

Bitcoin is now trading below $68,000 and the 100 hourly simple moving average. If the price remains stable above $65,500, it could attempt a fresh increase. Immediate resistance is near the $67,000 level. The first key resistance is near the $67,600 level and the 23.6% Fib retracement level of the downward move from the $74,062 swing high to the $65,646 low.

A close above the $67,600 resistance might send the price further higher. In the stated case, the price could rise and test the $68,800 resistance. Any more gains might send the price toward the $68,800 level. The next barrier for the bulls could be $69,850 or the 50% Fib retracement level of the downward move from the $74,062 swing high to the $65,646 low.

If Bitcoin fails to rise above the $68,000 resistance zone, it could start another decline. Immediate support is near the $65,500 level. The first major support is near the $65,000 level.

The next support is now near the $63,500 zone. Any more losses might send the price toward the $62,000 support in the near term. The main support now sits at $61,200, 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 – $65,500, followed by $65,000.

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