Bitcoin Price at Risk Again as Peace Talks Collapse, Downside Looms

The pair might extend losses if it stays below the 71,500 and 72,000 levels. Bitcoin Price Dips Again Bitcoin price failed to stay above the 72,500 resistance zone. BTC formed a top near 73,800 and started a fresh decline. There was a move below the 72,500 level. The price dipped below the 71,500 and 71,200 levels. A low was formed at 70,517, and the price is now consolidating losses below the 23.6 Fib retracement level of the downward move from the 73,800 swing high to the 70,517 low. Bitcoin is now trading below 72,000 and the 100 hourly simple moving average. If the price remains stable above 70,500, it could attempt a fresh increase. Immediate resistance is near the 71,500 level. There is also a connecting bearish trend line forming with resistance at 71,450 on the hourly chart of the BTC/USD pair. The first key resistance is near the 72,000 level. A close above the 72,000 resistance might send the price further higher. In the stated case, the price could rise and test the 72,500 resistance. Any more gains might send the price toward the 73,200 level. The next barrier for the bulls could be 74,000. Downside Continuation In BTC? If Bitcoin fails to rise above the 72,000 resistance zone, it could start another decline. Immediate support is near the 70,800 level. The first major support is near the 70,500 level. The next support is now near the 70,000 zone. Any more losses might send the price toward the 69,200 support in the near term. The main support now sits at 68,800, below which BTC might struggle to recover in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – 70,500, followed by 70,000. Major Resistance Levels – 71,500 and 72,000.