Bitcoin Price Rejects $70K, Here Are Key Levels To Watch

Bitcoin price is still struggling to clear the $70,000 resistance. BTC is slowly moving lower and might soon drop toward the $67,000 support.

• Bitcoin price is struggling to clear the $69,500 and $70,000 levels.
• The price is trading above $68,000 and the 100 hourly Simple moving average.
• There is a key bullish trend line forming with support at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could continue to move down and trade toward the $67,000 support zone.

Bitcoin Price Starts Consolidation

Bitcoin price made another attempt to gain strength above the $69,000 level. BTC cleared the $69,500 level, but the bears were active near the $70,000 resistance zone.

A high was formed at $69,981 and the price started a downside correction. There was a move below the $69,500 and $69,200 levels. The price declined below the 23.6% Fib retracement level of the upward wave from the $65,200 swing low to the $69,981 high.

Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average. There is also a key bullish trend line forming with support at $68,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward wave from the $65,200 swing low to the $69,981 high.

Immediate resistance is near the $68,850 level. The next key resistance could be $69,200, above which the price could rise toward the $69,500 resistance zone.

Source: BTCUSD on TradingView.com

If there is a clear move above the $69,500 resistance zone, the price could even attempt a move above the $70,000 resistance zone. Any more gains might send the price toward the $72,000 level.

More Losses In BTC?

If Bitcoin fails to rise above the $68,850 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level and the trend line.

The first major support is $67,000. If there is a close below $67,000, the price could start a decent pullback toward the $65,500 level. Any more losses might send the price toward the $64,400 support zone.

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 $67,000.

Major Resistance Levels – $68,850, $69,200, and $69,500.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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