Bitcoin price extended its downside correction below the $69,000 level. BTC bears were able to push the price below the $68,000 support.
Bitcoin price remained under pressure on Friday, extending its losses from the previous session. The world’s largest cryptocurrency by market cap fell below the $68,000 level as bears continued to push the price lower. BTC price is now consolidating losses after testing the $67,000 zone.
Bitcoin Price Analysis
Bitcoin price faced a strong selling pressure on Thursday, as the price declined below the $70,000 level. BTC bears were able to push the price lower and it finally tested the $67,000 zone. A low was formed at $67,100, and from the lows, the price recovered above the $67,5000 level.
On the downside, the price is facing support at $67,100, which is also the 100 hourly Simple Moving Average (SMA). If Bitcoin fails to climb above the $68,000 resistance zone, it could continue to move down. Immediate support on the downside is at the $67,250 level.
On the upside, the price is facing resistance at $68,000, which is also the 23.6% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low, with a bearish angle. There is also a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair.
The first major resistance could be at $68,800 or the 50% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low. The next key resistance could be at $69,250. A clear move above the $69,250 resistance might send the price higher.
In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $72,600 resistance.
Relative Strength Index (RSI) for BTC/USD on the hourlyの時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足の時間足
