Bitcoin has initiated a significant drop, falling below $71,200 and $70,500. The price is currently trading under $70,500 and below the 100 hourly simple moving average. A bearish trend line is emerging, showing resistance at $69,200 on the hourly chart for the BTC/USD pair, according to data. The pair could face further declines if it remains under the $69,200 and $70,000 thresholds. Bitcoin price has begun a notable downturn from levels exceeding $72,000. BTC has slipped beneath $71,200 and $70,000, marking its entry into a short-term bearish territory.
The bears managed to drive the price down past $69,500. A shift was observed towards $67,500. A low was established at $67,343, and the pair is currently consolidating its losses. The price experienced a slight increase above $68,000, yet it remained significantly below the 23.6% Fibonacci retracement level of the decline from the $75,999 swing high to the $67,343 low. Bitcoin has dipped below the $70,000 mark and is currently positioned under the 100 hourly simple moving average. Additionally, a bearish trend line is emerging, with resistance positioned at $69,200 on the hourly chart of the BTC/USD pair.
If the price holds steady above $68,000, it may look to initiate a new upward movement. Immediate resistance is positioned around the $69,000 mark. The initial significant resistance is located around the $69,200 mark and the trend line. A close above the $69,200 resistance could propel the price even higher. In the given scenario, the price has the potential to increase and challenge the $70,000 resistance level. Further gains could propel the price towards the $71,650 mark or the 50% Fibonacci retracement level of the decline from the $75,999 swing high to the $67,343 low. The next hurdle for the bulls may be $72,800.
If Bitcoin does not manage to break through the $70,000 resistance level, we may witness the onset of another downward trend. Immediate support hovers around the $68,000 mark. The initial significant support level is around $67,250. The upcoming support level is currently positioned around the $66,500 mark. Further losses could push the price down to the $65,000 support level in the short term. The primary support level currently stands at $63,500, and if BTC falls below this mark, it may face challenges in making a recovery in the short term.