Bitcoin Price Fails Again, Is This A Fresh Bearish Signal?

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Bitcoin price failed to settle above the $72,000 resistance. BTC corrected gains and now moving lower toward the $67,500 support zone.

    Bitcoin struggled to clear the $72,000 and $72,500 resistance levels.
    The price is trading below $70,000 and the 100 hourly Simple moving average.
    There was a break below a major bullish trend line with support near $70,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could continue to move down if it breaks the $68,500 support level.

Bitcoin Price Trims Gains

The cost of Bitcoin climbed noticeably beyond the $70,000 mark, which previously functioned as a barrier. Moreover, Bitcoin surpassed the resistance levels at $71,200 and $72,000. However, further growth was curtailed.

Bears emerged around the $72,500 mark as the price battled to exceed $72,000. A peak formed close to $72,609 and the value failed to hold above it. The market showed renewed bearish sentiment below $71,200. Additionally, the price dipped beneath the 50% Fibonacci retracement point of the rally from the $68,955 trough to the $72,609 peak.

On the hourly chart of the BTC/USD pair, the major uptrend line for Bitcoin, which previously provided support around $70,400, was breached. As a result, Bitcoin is now trading below this level and also under the 100-hour Simple Moving Average, which is currently at approximately $70,000.

The bulls are currently defending the $68,500 mark and the 61.8% Fibonacci retracement point of the recent price surge, which ranged from $68,955 to $72,609. A modest resistance can be found around $69,500 and the 100-hour Simple Moving Average.

$70,000 marks the initial significant hurdle for further price advancement. Currently, the next barrier to surmount is at $71,200. Should the price manage to break above this resistance level, we could expect a new upward trend to emerge.

Bitcoin Price Fails Again, Is This A Fresh Bearish Signal?

If the situation remains unchanged, the Bitcoin price may climb up to around $72,500, with the next significant barrier close by. Should it continue to rise, Bitcoin could head towards the $73,500 resistance level in the short term.

More Downsides In BTC?

If Bitcoin doesn’t manage to break past the $70,000 barrier, there’s a possibility it may keep declining instead. The closest support for Bitcoin lies around the $68,500 mark in case of further falls.

If the price reaches $67,500 for the first significant stop, but falls below this point, it may initiate a decline towards the nearby $66,000 mark. Further losses could potentially push the price down to the $65,000 support area in the short 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 – $68,500, followed by $67,500.

Major Resistance Levels – $69,500, $70,000, and $71,200.

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2024-04-10 06:04