Bitcoin Drops Below ₱4,118,494 ($68,000) as Bears Eye ₱3,936,796 ($65,000)
Bitcoin declined from ₱4,269,910 ($70,500) and now hovers near the 23.6% Fibonacci retracement level from the $71,985 swing high to the $65,030 low, with bears pushing toward the $65,000 zone.
Key Takeaway
Bitcoin needs to reclaim $68,500 to shift momentum; below $63,500 signals deeper correction ahead.
Bitcoin declined from the $70,500 zone and now trades below the $68,000 support level. The price failed to continue higher above $71,200 and dropped below $70,000 before consolidating around the 23.6% Fibonacci retracement level from the $71,985 swing high to the $65,030 low.
The hourly chart shows a bearish trend line forming resistance at $67,250. Bitcoin trades below that level and below the $100 hourly simple moving average. Bulls need to clear $67,250 first, then push through $68,500 — the 50% Fibonacci retracement level — to regain momentum. If bulls gain strength, the next target sits at $69,200, with breaking that level opening the path toward $70,000.
The momentum indicators remain bearish. The hourly MACD is losing pace in the bearish zone while the RSI sits right at 50. Immediate support holds at $65,750, with the first major support at $65,000. If bears push lower, the next zone to watch is $64,200, followed by $64,000, with a break below $63,500 signaling serious trouble for bulls trying to mount a recovery.
This article was written based on reporting from NewsBTC.
