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

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. A low was formed at 65,030, and the price is now consolidating losses near the 23.6 Fib retracement 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 or the 50 Fib retracement 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. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just the 50 level. Major Support Levels – 65,750, followed by 65,000. Major Resistance Levels – 67,250 and 68,500.