Markets
Market momentum slows due to trade hesitancy
Bitcoin price is slowly losing momentum and struggling below $70,000. BTC is currently consolidating and facing hurdles near the $69,500 resistance zone.
- Bitcoin faces many key hurdles near the $70,000 zone.
- The price is trading above $69,500 and the 100 hourly simple moving average.
- A key downtrend line forms with resistance at $69,100 on the hourly chart of the BTC/USD pair (Kraken data feed).
- The pair could continue to decline if it remains below the $70,000 zone.
Bitcoin price remained below $70,000
Bitcoin price found support above the $66,000 level and started another increase. BTC managed to breach the $68,000 resistance zone. However, the bears were active near the $69,500 and $70,000 levels.
A high was formed near $69,608 and the price is currently correcting gains. There was a move below the 23.6% Fibonacci retracement level of the upward move from the $66,250 low to $69,608 high. It even tested the $68,000 support zone.
The bulls are now active near the 50% Fibonacci retracement level of the upward move from the $66,250 low to $69,608 high. Bitcoin price is trading above $69,500 and the 100-hour simple moving average.
If there is a further rise, the price could face resistance near the $69,000 level. There is also a key downtrend line forming with resistance at $69,100 on the hourly chart of the BTC/USD pair. The first major resistance could be $69,500.
The next key resistance could be $70,000. A sharp move above the $70,000 resistance could send the price higher. In the indicated case, the price could rise and test the resistance of $71,200. Any further gains could send BTC towards the $72,000 resistance.
More losses in BTC?
If Bitcoin fails to move above the $69,500 resistance zone, it could continue to decline. Immediate downside support is near the $68,000 level.
The first major support is $67,500. The next support now lies near $67,000. Any further losses could send the price towards the $65,500 support zone in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major support levels – $67,500, followed by $67,000.
Major resistance levels – $69,100 and $69,500.