Bitcoin Price Fails To Stabilize, Is Another Drop Imminent?
Analysis
Price Impact
HighBitcoin is struggling to stabilize and clear key resistance levels ($71,500 - $72,000). a failure to break these could trigger another significant decline, with major support levels at $68,000, $67,650, and potentially down to $63,200.
Trustworthiness
HighThe news adheres to a strict editorial policy focusing on accuracy, relevance, and impartiality, created by industry experts, meticulously reviewed, and maintains the highest standards in reporting.
Price Direction
BearishBtc is facing strong resistance near $72,000 and has a short-term bearish trend line forming at $69,200. it's trading below $70,000 and the 100 hourly simple moving average. technical indicators (hourly macd in bearish zone, hourly rsi below 50) also point to a potential decline if key support levels are broken.
Time Effect
ShortThe analysis frequently uses terms like 'in the near term' and 'short-term bearish trend line,' indicating that the potential price movements are expected within a relatively short timeframe.
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Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price started a recovery wave above $68,500. BTC is now struggling to clear $72,000 and might start another decline in the near term. Bitcoin is attempting to recover but is facing many hurdles near $72,000. The price is trading below $70,000 and the 100 hourly simple moving average. There is a short-term bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $68,000 and $67,700 levels. Bitcoin Price Faces Resistance Bitcoin price managed to remain stable above the $66,500 zone. BTC started a recovery wave and was able to climb above the $68,000 resistance zone . The price surpassed the 50% Fib retracement level of the downward move from the $78,988 swing high to the $60,500 low. However, the bears seem to be active near the $72,200 and $72,500 levels. Besides, there is a short-term bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $70,000 and the 100 hourly simple moving average . If the price remains stable above $68,000, it could attempt a fresh increase. Immediate resistance is near the $69,200 level and the trend line. Source: BTCUSD on TradingView.com The first key resistance is near the $71,000 level. A close above the $71,000 resistance might send the price further higher. In the stated case, the price could rise and test the $72,000 resistance or the 61.8% Fib retracement level of the downward move from the $78,988 swing high to the $60,500 low. Any more gains might send the price toward the $73,500 level. The next barrier for the bulls could be $74,000 and $74,500. Another Decline In BTC? If Bitcoin fails to rise above the $71,500 resistance zone, it could start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,650 level. The next support is now near the $65,500 zone. Any more losses might send the price toward the $65,000 support in the near term. The main support now sits at $63,200, 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 – $68,000, followed by $67,600. Major Resistance Levels – $71,500 and $72,000.