Bitcoin Price In Freefall As Panic Sweeps Through The Market

Bitcoin price started a fresh decline below the $70,000 zone. BTC is consolidating and might continue to move down if it dips below $66,000.

Bitcoin failed to stay above $70,500 and extended losses.
The price is trading below $70,000 and the 100 hourly simple moving average.
There is a bearish trend line forming with resistance near $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it stays below the $67,500 and $68,500 levels.

Bitcoin Price Nosedives

Bitcoin price failed to stay above the $72,000 support zone. BTC remained in a bearish zone and extended losses below the $70,500 level. There was a move below the $70,000 level.

The price even dipped below $67,200. A low was formed at $66,111 and the price is now consolidating losses with a bearish angle below the 23.6% Fib retracement level of the downward move from the $74,070 swing high to the $66,111 low.

Bitcoin is now trading below $70,000 and the 100 hourly simple moving average. If the price remains stable above $66,000, it could attempt a fresh increase. Immediate resistance is near the $68,000 level. There is also a bearish trend line forming with resistance near $68,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $68,500 level. A close above the $68,500 resistance might send the price further higher. In the stated case, the price could rise and test the $70,000 resistance and the 50% Fib retracement level of the downward move from the $74,070 swing high to the $66,111 low. Any more gains might send the price toward the $71,500 level. The next barrier for the bulls could be $72,000.

Downside Acceleration In BTC?

If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support is near the $66,200 level.

The first major support is near the $66,000 level. The next support is now near the $65,000 zone. Any more losses might send the price toward the $64,200 support in the near term. The main support now sits at $63,500, below which BTC might struggle to recover in the near term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $66,000, followed by $65,000.

Major Resistance Levels – $68,000 and $70,000.

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