Bitcoin price failed to settle above the $72,000 resistance. BTC corrected gains and now moving lower toward the $67,500 support zone.
- Bitcoin struggled to clear the $72,000 and $72,500 resistance levels.
- The price is trading below $70,000 and the 100 hourly Simple moving average.
- There was a break below a major bullish trend line with support near $70,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to move down if it breaks the $68,500 support level.
Bitcoin Price Trims Gains
Bitcoin price saw a decent increase above the $70,000 resistance zone. BTC even cleared the $71,200 and $72,000 resistance levels, but upsides were limited.
The bears appeared near the $72,500 zone. A high was formed near the $72,609 level and the price struggled to settle above the $72,000 level. There was a fresh bearish reaction below the $71,200 level. The price declined below the 50% Fib retracement level of the upward move from the $68,955 swing low to the $72,609 high.The bulls are now protecting the $68,500 support and the 61.8% Fib retracement level of the upward move from the $68,955 swing low to the $72,609 high. Immediate resistance is near the $69,500 level and the 100 hourly Simple moving average.
The first major resistance could be $70,000. The next resistance now sits at $71,200. If there is a clear move above the $71,200 resistance zone, the price could start a fresh increase.
