Bitcoin's price failed to hold above the $68,500 support threshold and experienced a drop below $68,000, signaling a bearish trend under the $68,800 mark. The decline initiated from the $70,150 resistance area, resulting in Bitcoin trading below $68,800 and the 100-hourly Simple Moving Average. A significant bearish trend line is evident with resistance at $69,500 on the BTC/USD hourly chart. Failure to maintain above $68,000 could lead to further downside movements.

Bitcoin Price Variation

Bitcoin made another attempt to surpass the $69,500 resistance level but was ineffective despite breaching $70,000 briefly. Following a peak at $70,142, a downward trend ensued, dipping below key support levels of $69,500 and $68,500.

The coin reached a low at $67,920 and is currently consolidating losses near the 23.6% Fibonacci retracement level. Bitcoin's current position is below $69,500 and the 100-hourly MA, encountering resistance around $68,800.

Potential resistances include $69,000 and a bearish trend line at $69,500 on the BTC/USD chart. A breach above $69,500 could propel the price towards $70,000 and possibly $71,200.

Anticipated BTC Market Movements

Failure to surpass the $69,500 resistance may initiate a fresh downtrend, with immediate support near $68,000. Primary support levels lie at $67,650 and $67,500, with further decline risking the $66,400 zone.

Technical Analysis

• Hourly MACD indicates a bearish trend gaining momentum.
• Hourly RSI for BTC/USD is currently below the 50 level.
• Major support levels are at $68,000 and $67,500, while resistance levels stand at $69,000 and $69,500.

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