Bitcoin Plummets to $67,000 in a Short Time Span

Bitcoin has gone through a new string of volatility to reach a record high of $72,500. However, all these efforts do not seem strong enough to maintain stability, as prices have responded to this priority with weakness.

Bitcoin price corrects lower

The decline appeared below $72,000 and continued to $71,500. More notably, we saw the breakdown of a key uptrend line with support at $72,820 on the hourly chart of the BTC/USD pair. The currency even dipped below the $70,000 threshold, with the latest low being approximately $68,403, and now shows some signs of further decline.

Technically, Bitcoin is currently trading below $71,000 and the 100-hour simple moving average. Immediate resistance is placed near $70,000 or the 50% Fib retracement level from the $72,043 high to $68,403 low.

The next key resistance levels could be $70,500 or the 61.8% Fib retracement level from the $72,043 high to $68,403 low. Here, the price could face the $72,000 resistance area. An aggressive move above this resistance could push the price to test the $73,000 resistance zone and even to the $75,000 level.

Related: JMP Securities Forecasts Bitcoin Could Reach $280,000 USD

Will the support level hold?

However, if Bitcoin fails to overcome the $70,500 resistance level, a further correction to the downside is likely. The immediate support is near the $68,500 level, with the first major support located at $67,500 and the next at $67,000. If the price closes below $67,000, we could see a steeper decline to $65,500, and could even push the price towards the $65,000 support zone.

On the technical front, the hourly MACD is picking up steam amid the bearish sentiment, while the hourly RSI (Relative Strength Index) for the BTC/USD pair is currently below 50.

In summary, although Bitcoin has experienced some significant volatility, there are still many factors to observe to shape the market’s next direction.