Bitcoin price extended losses and traded below $68,800 support. BTC is now consolidating and facing hurdles near the $70,000 resistance zone.
- Bitcoin extended its decline below the $68,800 support zone.
- The price is trading below $69,000 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move done unless the bulls push it back above $70,000.
Bitcoin Price Breaks Support
Bitcoin price started a downside correction below the $70,000 support zone. BTC bears were able to push the price below major support at $68,800. It sparked bearish moves and the price dipped toward $66,250.
A low was formed at $66,250 and the price is now consolidating losses. There was a minor increase above the $67,250 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low.However, the bears are active near the $68,350 level and the 50% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. Bitcoin price is now trading below $69,000 and the 100 hourly Simple moving average.
If there is a fresh increase, the price might face resistance near the $68,350 level. The first major resistance could be $68,800. There is also a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair. The next key resistance could be $70,000. A clear move above the $70,000 resistance might send the price higher. In the stated case, the price could rise and test the $70,500 resistance.