Bitcoin ’s price struggles to maintain momentum, hovering below the critical $69,500 level and demonstrating signs of weakness in its current trading pattern. The cryptocurrency has seen a notable decline from the $70,000 region, trading below both that threshold and the 100-hourly Simple Moving Average, indicating bearish sentiment among traders.
Recent price movements reveal that Bitcoin experienced losses as it dropped below key support levels, including $70,500 and $69,200. The digital asset even dipped to $66,800 before attempting a recovery, establishing a low near $66,836. Following that, Bitcoin managed to push past the $67,500 resistance, testing the 23.6% Fibonacci retracement level stemming from its peak at $71,576 down to the low established.
Currently, Bitcoin is positioned below the $70,000 and its 100-hourly SMA. Significant resistance levels are identified at approximately $68,200 and $68,400, with a newly forming bearish trend line. The pivotal resistance remains around $69,200, which aligns with the 50% Fibonacci retracement level from the previous swing high. Should Bitcoin surpass this resistance, it may pave the way for further upward movement, with the next targets being the notable $70,000 and potentially $71,200.
Conversely, if Bitcoin fails to breach the $69,200 resistance, it may launch another downward trend. Immediate support can be found around the $67,400 level, while significant support levels lie at $66,800 and $66,500. A continued decline could see Bitcoin testing the $65,500 support level.
Technical indicators, including the Hourly MACD and the Relative Strength Index (RSI), suggest a bearish trend, with the MACD losing momentum in the negative zone and the RSI falling below the neutral 50 level, indicating that market sentiment remains cautious.
