Challenges for Bitcoin to Regain $70K Milestone: Can the Bulls Overcome?

The value of Bitcoin encountered resistance above the $70,000 mark and reverted to lower levels. Presently, BTC trades beneath the $69,000 threshold and exhibits several signs of a downtrend.

• Bitcoin’s price correction deepened, sliding under the $69,000 range.
• It is now valued below $69,000 along with the 100 hourly Simple Moving Average.
• A significant ascending trendline with support near $67,600 is evident on the hourly chart of BTC/USD (Kraken data feed).
• The pair could regain momentum provided it doesn’t breach the $67,500 support level.

Bitcoin’s Price Encounters Key Supports

After struggling to maintain stability above the $70,000 benchmark, Bitcoin’s price underwent a corrective dip passing beneath the support levels of $69,200 and $68,500.

The value diminished past the $67,500 support, reaching a local trough of $67,243; currently, the price is moderating losses. It has surged past the $68,000 mark and overcame the 23.6% Fib retracement of the pullback from the $70,600 summit to the $67,243 nadir.

Trading now below $69,000 and the 100 hourly SMA, Bitcoin still holds above a crucial ascending trendline on the hourly chart of the BTC/USD pair.

A potential upswing could face hurdles near the $68,800 benchmark. The primary resistance might be faced at $69,000 or the 50% Fib retracement of the retreat from the $70,600 high to the $67,243 low.

Above the $69,550 hurdle, a break may catalyze further appreciation. In such a case, the price may approach the $70,600 resistance, potentially leading to a move towards the $72,000 threshold.

Potential Further Downturn in BTC?

Should Bitcoin fail to clear the resistance around $69,000, its descent may persist. Immediate support is located near the $67,650 level and the aforementioned trend line.

The principal support lies at $67,500, with additional support forming near $66,250. Should the downturn continue, the price may head towards the $65,000 zone as a near-term floor.

Technical indicators:

Hourly MACD – The MACD is losing momentum within the bearish territory.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now positioned above the 50 mark.

Main Support Levels – $67,500, followed by $66,250.

Main Resistance Levels – $69,000, then $70,600.