Bitcoin has been struggling to determine its direction recently, particularly in the $70,000 resistance area. Despite efforts to maintain its position, recent developments suggest that Bitcoin is now heading back down, with prices hovering around $66,000. It is crucial to monitor Bitcoin's performance levels at this critical juncture.

Bitcoin Price Decline

The BTC/USD pair has experienced a significant decline, plummeting by over 5% and dropping below $67,500. This downward trend can be attributed to the resistance zone at $70,000, with the price currently under $68,500 and the 100-hour moving average.

A notable downward trend line at $68,400 on the hourly chart indicates a potential further decline towards the $64,000 support level soon.

BTC's Recent Movements

Bitcoin witnessed sharp movements, breaking through the $69,200 support area and falling below $68,500, eventually reaching levels around $67,000. After testing $66,000, Bitcoin is now in a recovery phase.

With the price surpassing $66,800, it has broken above the 23.6% Fibonacci retracement level, with the $68,000 level being the immediate resistance along with the 50% Fibonacci retracement level.

Potential Resistance Challenges

The failure to surpass the $68,000 resistance level could indicate a possible downward trend for Bitcoin. Immediate support lies near $66,000, with significant support levels at $65,000 and potentially down to $60,500 in the near future.

Technical indicators such as the hourly MACD and RSI suggest bearish trends, with resistance levels to watch at $68,000, $68,500, and $70,000 if an upward movement is sustained.

This article was originally published on COINTURK NEWS: Bitcoin Struggles to Find Direction as Prices Fluctuate.