Bitcoin Price Stalls Under $68,800, Resistance Caps Upside Again

0:00Bitcoin price failed to stay above $68,800 and declined further. BTC is now consolidating below $68,000 and might continue to move down. Bitcoin started a fresh decline from well above the $70,500 zone. The price is trading below $68,800 and the 100-hourly simple moving average. There is a bearish trend line forming with resistance at $67,250 on the hourly chart of the BTC USD pair. The pair might start another decline if it stays below the $68,000 and $68,800 levels. Bitcoin price extends losses. Bitcoin price failed to continue higher above $71,200 and reacted to the downside. BTC trimmed gains and declined below the $70,000 support. The bears pushed the price below $68,800 and $68,000. The price tested the $65,000 zone.

1:03A low was formed at $65,030 and the price is now consolidating losses near the 23.6% Fibre Tracement level of the downward move from the $71,985 swing high to the $65,030 low. Bitcoin is now trading below $68,000 and the 100-hourly simple moving average. There is also a bearish trend line forming with resistance at $67,250 on the hourly chart of the BTC USD pair. If the price remains stable above $65,750, it could attempt a fresh increase. Immediate resistance is near the $68,000 level. The first key resistance is near the $67,250 level and the trend line. A close above the $67,250 resistance might send the price further higher. In the stated case, the price could rise and test the $68,500 resistance

2:07or the 50% Fibre Tracement level of the downward move from the $71,985 swing high to the $65,030 low. Any more gains might send the price toward the $69,200 level. The next barrier for the bulls could be $70,000. More losses in BTC. If Bitcoin fails to rise above the $68,500 resistance zone, it could start another decline. Immediate support is near the $65,750 level. The first major support is near the $65,000 level. The next support is now near the $64,200 zone. Any more losses might send the price toward the $64,000 support in the near term. The main support now sits at $63,500 below which BTC might struggle to recover in the near term. Technical indicators. Hourly MACD. The MACD is now losing pace in the bearish zone.

3:09Hourly RSI relative strength index. The RSI for BTCUSD is now just the 50 level. Major support levels. $65,750 followed by $65,000. Major resistance levels. $67,250 and $68,500.