Bitcoin Breaks Below ₱4,048,922 ($67,500) After ₱4,318,850 ($72,000) Failure
Bitcoin dropped below ₱4,048,922 ($67,500) after failing to hold above ₱4,318,850 ($72,000), with the price bottoming at $67,343. The hourly MACD is gaining pace in the bearish zone while RSI sits below 50.
Key Takeaway
Bitcoin's break below $67,500 opens the door to $65,000 unless bulls reclaim $69,200.
Bitcoin dropped below $67,500 after failing to hold above $72,000, with the price bottoming at $67,343.
The decline pushed Bitcoin below the 100-hour simple moving average and through the $70,500 and $70,000 levels. Bears drove the price down to $69,500 before the deeper slide toward $67,500 began. A minor recovery lifted Bitcoin above $68,000, reaching the 23.6% Fibonacci retracement level of the decline from the $75,999 swing high to the $67,343 low.
Immediate resistance now sits near $69,000, with a bearish trend line capping upside at $69,200 on the hourly chart. If Bitcoin clears that barrier, it could test $70,000. A stronger move would target $71,650, the 50% Fibonacci retracement level of the recent decline. The next major barrier for bulls stands at $72,800.
Both the hourly MACD and RSI below 50 flash bearish signals, suggesting sellers maintain control in the short term.
If Bitcoin fails to hold above $68,000, the next support levels come into play quickly. The first major support sits near $67,250, followed by $66,500. A breakdown below those levels could push Bitcoin toward $65,000 in the near term, with the main support zone at $63,500.
This article was written based on reporting from NewsBTC.
