Bitcoin's price has initiated a sharp decline, falling from levels well above $72,000 and breaking key support levels. The cryptocurrency is now trading below $70,500 and the 100-hour simple moving average, consolidating losses after forming a low at $67,343. A bearish trend line is forming with resistance at $69,200 on the hourly chart of the BTC/USD pair.
Technical analysis indicates immediate resistance near $69,000 and $69,200. A close above the $69,200 resistance could pave the way for a recovery, potentially testing the $70,000 and $71,650 levels. However, failure to reclaim this zone risks another decline. Immediate support sits at $68,000, with major support levels at $67,250, $66,500, and a critical zone at $65,000. The main support is identified at $63,500.
Crypto analyst Tealstreet emphasizes that bulls must reclaim and hold $69,000 with momentum to prevent further downside. Holding this level could trigger a push toward $73,000-$74,000, with a final target of $76,000-$77,000. Conversely, losing $69,000 could trigger an at least 5% decline, targeting the $64,000-$66,000 range.
Another analyst, HAMED_AZ, suggests Bitcoin has entered a corrective phase within an ascending channel. If the price fails to break the channel's resistance, a downtrend could continue, potentially leading to a decline of over 10%, which might send Bitcoin below $60,000 for the first time in over a year. A successful breakout with momentum, however, could invalidate the downtrend and propel the price toward $80,000.
Technical indicators are currently bearish. The hourly MACD is gaining pace in the bearish zone, and the hourly RSI is below the 50 level, signaling weakening momentum.
