Bitcoin has begun to retreat from its recent high of $73,500, slipping back below the $70,000 level and exhibiting some bearish trends. The cryptocurrency started its downward movement after encountering strong resistance at the $73,500 level, and this decline has brought the price beneath both the $71,500 level and the 100 hourly Simple Moving Average.
As the price dipped, it broke through a significant bullish trend line that previously provided support at $70,000. Currently, Bitcoin is trading below $70,000 and appears to be approaching the $68,500 support area. This movement has involved dropping below critical support levels at $72,500 and $72,000, as well as breaching the 50% Fibonacci retracement level from the recent upward movement that started from $65,531 to $73,575.
On a technical front, the market is indicating bearish signals which suggest that Bitcoin could test the support level around $68,500. A failure to break through the resistance near $70,000 may further drive the price downward. Immediate support now lies at around $68,800, with more substantial support levels at $67,400 and further down at $66,500, should the market continue to decline.
Conversely, if Bitcoin is able to recover, it faces resistance first near the $70,500 level, with a key resistance zone at $71,200. A decisive move above these levels could herald further gains, potentially leading to a test of the $72,500 level and beyond towards $73,200. Technical indicators, including the MACD, are currently reflecting a strengthening bearish trend, while the RSI remains below the pivotal 50 level, underscoring the current momentum surrounding BTC’s price action.
