Markets
Market momentum slows due to trading hesitations
Bitcoin price is slowly losing momentum and is struggling below $70,000. BTC is now consolidating and faces hurdles near the $69,500 resistance zone.
- Bitcoin is facing several key hurdles near the $70,000 zone.
- The price is trading above $69,500 and the 100 hourly simple moving average.
- There is a key downtrend line forming with resistance at $69,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to fall if it stays below the $70,000 zone.
Bitcoin price is stuck below $70,000
Bitcoin price found support above the $66,000 level and started another increase. BTC managed to break out of the $68,000 resistance zone. However, the bears were active near the $69,500 and $70,000 levels.
A high has formed near $69,608 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $66,250 low to the $69,608 high. It also tested the $68,000 support zone.
The bulls are now active near the 50% Fib retracement level of the upward move from the $66,250 low to the $69,608 high. The price of Bitcoin is trading above $69,500 and the 100 hour simple moving average.
If a new increase occurs, the price may 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 clear move above the $70,000 resistance could push the price higher. In this case, the price could rise and test the resistance of $71,200. Any further gains could send BTC towards the $72,000 resistance.
More BTC losses?
If Bitcoin fails to break out of the $69,500 resistance zone, it may continue to decline. Immediate downside support is near the $68,000 level.
The first major support is $67,500. The next support is forming around $67,000. Any further losses could push the price towards the $65,500 support zone in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace 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.