Bitcoin price started a fresh decline from the $73,800 zone. BTC is consolidating and might struggle to stay above the $70,500 support. Bitcoin failed to stay above $72,500 and corrected gains. The price is trading below $72,000 and the 100 hourly simple moving average.
There is a connecting bearish trend line forming with resistance at $71,450 on the hourly chart of the BTC/USD pair. The pair might extend losses if it stays below the $71,500 and $72,000 levels. The first key resistance is near the $72,000 level. A close above the $72,000 resistance might send the price further higher.
In the stated case, the price could rise and test the $72,500 resistance. Any more gains might send the price toward the $73,200 level. The next barrier for the bulls could be $74,000. If Bitcoin fails to rise above the $72,000 resistance zone, it could start another decline.
Immediate support is near the $70,800 level. The first major support is near the $70,500 level. The next support is now near the $70,000 zone. Any more losses might send the price toward the $69,200 support in the near term.
The main support now sits at $68,800, below which BTC might struggle to recover in the near term. Technical indicators show bearish momentum, with the MACD in the bearish zone. The RSI for BTC/USD is below the 50 level. Major Support Levels are $70,500, followed by $70,000. Major Resistance Levels – $71,500 and $72,000.
Bitcoin price began a fresh decline from around $73,800 and is now consolidating below key support near $70,500. The pullback followed a failure to hold above $72,500, with the price trading below $72,000 and the 100-hour moving average. A bearish trend line near $71,450 on the hourly BTC/USD chart adds to selling pressure, suggesting potential for further declines if the price remains under $71,500–$72,000. Immediate resistance sits at $72,000, with a possible move toward $72,500 and $73,200 if buyers regain control; a break above $74,000 would reinforce bullish prospects.
On the downside, initial support is near $70,800, with more meaningful support at $70,500 and $70,000, extending to $69,200 and the key $68,800 level if selling accelerates. Technical indicators reflect ongoing bearish momentum, with the MACD in the bearish zone and the RSI below the 50 level on the BTC/USD hourly chart.
Bitcoin price began a fresh decline from around $73,800 and is now consolidating below key support near $70,800. The pullback followed a failure to hold above $72,500, with the price trading below $72,000 and the 100-hour moving average. A bearish trend line near $71,450 on the hourly BTC/USD chart adds to selling pressure, suggesting potential for further declines if the price remains under $71,500–$72,000. Immediate resistance sits at $72,000, with a close above that level possibly sending the price toward $72,500 and $73,200.
A breakout above $74,000 would reinforce bullish prospects, while failure to rise above the $72,000 zone could renew downside pressure. On the downside, initial support is near $70,800, with more meaningful levels at $70,500 and $70,000. The next targets lie near $69,200 and the key $68,800 level if selling accelerates, and technical indicators remain bearish with MACD in the bearish zone and RSI below the 50 level.
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