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

The price of Bitcoin is descending from the $73,000 resistance level. To initiate a new upward trend in the near future, BTC needs to maintain support above $67,000.

Azcnews (1)

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.

Bitcoin Chart From Tradingview
Bitcoin Chart From Tradingview

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.

5.0/5

(10 votes)
  1. Avatar of
    Anonymous

    涨涨跌跌是正常的吧

  2. Avatar of Aguocha Miracle
    Aguocha Miracle

    If the force of buyers are strong will break the 72000 resistance but lf selling pressure is strong it will dip down 67000.

    • Avatar of
      Anonymous

      I don’t get most of this, but I’m ready to learn (and I learn very fast)…A Nigerian. I will appreciate if you can help me +234-8118-70-3007.

    • Avatar of Bosse
      Bosse

      Suis quelqu’un qui cherche à connaître, j’ai besoin d’aide

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