The leading cryptocurrency, Bitcoin, is currently facing difficulties in establishing a clear trend as it struggles around the $70,000 resistance level. Recent trends indicate a bearish shift as Bitcoin's value has dropped to approximately $66,000. Market analysts are closely monitoring crucial levels to predict the currency's future movements.

Recent Decrease in Bitcoin Value

Bitcoin has experienced a decline of over 5%, falling below the $67,500 threshold. This downward trend gained momentum after facing resistance at $70,000. The current trading price is under $68,500 and has dropped below the 100-hour moving average. Technical indicators on the hourly chart suggest a potential further decline towards the $64,000 support level.

Testing Bitcoin's Support and Resistance Levels

A significant drop below the $69,200 support level has led to a sharp decline under $68,500. Bitcoin's price slipped below $67,000, showing signs of an accelerated downward movement. The decline reached as low as $66,000, but there are indications of a recovery. However, if the currency fails to overcome the $68,000 resistance, its future remains uncertain.

Key Points to Consider

• Bitcoin's crucial support levels are at $66,000, $65,000, with additional support at $64,000 and $60,500.
• Key resistance levels to monitor include $68,000, $68,500, and the critical $70,000 mark.
• Hourly MACD and RSI indicators point towards ongoing selling pressure.

As Bitcoin struggles to surpass immediate resistance, the risk of a bearish decline grows. A drop below the $66,000 support could indicate a further decline to $65,000. If the downtrend persists, Bitcoin may approach the $62,500 region, with a possibility of extending losses to the $60,500 support level in the short term. However, if an uptrend gains momentum, Bitcoin will need to overcome several resistance levels to stabilize.

This article was originally published on BH NEWS.