Bitcoin Battles to Hold Ground as Price Dips Below $68,800, $65K Looms as Critical Support
Bitcoin's recent performance has left investors wary, as the cryptocurrency failed to sustain its position above the crucial $70,000 mark. The digital asset has since entered a fresh downward trajectory, now trading significantly below $68,800 and signaling potential for further near-term losses.
A Retreat from Key Levels
The price action saw Bitcoin initiating a decline after struggling around the $70,000 psychological barrier, breaking down past the $68,800 support zone and even dipping below $68,000. This downturn pushed BTC below both the 50% Fibonacci retracement level of its recent upward swing (from $60,500 to $72,256) and the 100-hourly simple moving average. A notable bearish trend line has also emerged on the hourly charts, establishing resistance around $68,200. Should Bitcoin continue its descent below $66,500 and subsequently $65,000, further significant dips could be on the horizon.
Navigating Resistance and Support
For a potential recovery, Bitcoin needs to stabilize above $65,000 to even consider a fresh upward push. Immediate resistance is projected around the $68,200 trend line. A successful break and close above $69,000 could pave the way for a retest of the $70,000 resistance, with extended gains potentially targeting $71,500 and even $72,000-$72,500. Conversely, if Bitcoin fails to overcome the $69,000 resistance, a renewed bearish phase could begin. Key immediate support is identified near $66,000, with the first major support resting at $65,000, aligning with the 61.8% Fib retracement level. Below this, further losses could see the price challenging $63,500, with a critical main support at $61,200, a level that would prove challenging for recovery if breached.
Technical Outlook
Technical indicators reinforce the bearish sentiment. The Hourly MACD is currently gaining momentum in the bearish zone, while the Hourly Relative Strength Index (RSI) for BTC/USD is positioned below the 50 level, indicating a weakening of buying pressure. Major support levels are marked at $66,000 and $65,000, contrasted by major resistance levels at $69,000 and $70,000.
