Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs.
- Bitcoin started a fresh decline from the $73,500 zone.
- The price is trading below $71,500 and the 100 hourly Simple moving average.
- There was a break below a key bullish trend line with support at $70,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is showing a few bearish signs and might test the $68,500 support zone.
Bitcoin Price Trims Gains
Bitcoin price failed to trade to a new all-time and started a downside correction from the $73,500 resistance zone. There was a move below the $72,500 and $72,000 support levels.
The price dipped below the 50% Fib retracement level of the upward wave from the $65,531 swing low to the $73,575 high. Besides, there was a break below a key bullish trend line with support at $70,000 on the hourly chart of the BTC/USD pair.The price is down over 5% and there was a move below $70,000. Bitcoin price is now trading below $70,000 and the 100 hourly Simple moving average. It is now approaching the $68,500 support zone and the 61.8% Fib retracement level of the upward wave from the $65,531 swing low to the $73,575 high.
On the upside, the price could face resistance near the $70,000 level. The first key resistance is near the $70,500 level. A clear move above the $70,500 resistance might send the price higher. The next key resistance could be $71,200.
