Bitcoin Price Dips Below Key Support Levels: Bearish Signs Point to Further Losses

• Bitcoin continues its downward trajectory, failing to maintain the critical $68,500 support zone.
• The cryptocurrency is now exhibiting bearish indicators below the $68,800 threshold.
• A significant bearish trend line has emerged, with resistance observed at $69,500 on the hourly BTC/USD chart.

The latest analysis suggests Bitcoin might experience further decline if it breaches the $68,000 level decisively.

Bitcoin Price Dips Again

In a recent attempt to break through the $69,500 resistance zone, Bitcoin’s price briefly crossed the $70,000 mark. However, the bullish momentum was short-lived as it failed to sustain these gains, peaking at $70,142 before pulling back.

The cryptocurrency subsequently fell below crucial support levels at $69,500 and $68,500, reaching a low of $67,920. Currently, it is consolidating its losses around the 23.6% Fib retracement level, rebounding slightly from the $67,920 low to the $70,142 high.

Bitcoin is now hovering below the $69,500 mark and the 100-hourly Simple Moving Average (SMA). On the upside, the $68,800 level presents initial resistance, followed by $69,000, which corresponds with the 50% Fib retracement level from the recent downward movement.

Should Bitcoin manage to clear the $69,500 resistance level, it could target the $70,000 level, with potential for further gains possibly pushing the price to $71,200.

More Losses In BTC?

If Bitcoin is unable to surpass the $69,500 resistance zone, it may be poised for another downturn. Immediate support lies near the $68,000 level.

The subsequent significant support is located at $67,650, followed by $67,500. If bearish pressure persists, Bitcoin could find itself descending towards the $66,400 support zone in the near term.

Technical Indicators

The hourly MACD is gaining momentum in the bearish territory, indicating increased selling pressure. Additionally, the hourly RSI has dipped below the 50 mark, reflecting a bearish sentiment amongst traders.

Major support levels to watch include $68,000 and $67,500, while resistance levels are pegged at $69,000 and $69,500.

Conclusion

Bitcoin faces significant downward pressure as it struggles to maintain key support levels. Traders should keep a close eye on the $68,000 and $69,500 levels for potential breakouts or further declines. Future price movements will depend on Bitcoin’s ability to overcome immediate resistances and re-establish bullish momentum.