Bitcoin price extended its decline below the $68,000 level. BTC is now slowly moving lower toward the $66,250 support zone in the near term.
- Bitcoin extended its downside correction below the $68,000 zone.
- The price is trading below $68,500 and the 100 hourly Simple moving average.
- There is a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down unless there is a close above the $68,500 level.
Bitcoin Price Dips Further
Bitcoin price extended its downside correction below the $69,000 level. BTC bears were able to push the price below the $68,000 support. Finally, the price tested the $67,000 zone.
A low has formed at $67,100 and the price is now consolidating losses. It recovered above the $67,5000 level and the 23.6% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low, with a bearish angle.
Bitcoin is now trading below $68,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,000 level. There is also a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair.
The first major resistance could be $68,800 or the 50% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low.
