Bitcoin Price Plunge Analysis:

Bitcoin price failed to gain momentum above the $68,500 resistance zone again. BTC reacted to the downside and traded below the $68,000 level. It broke below the $67,500 and $67,000 levels.

The price tested the $66,000 area. A low was formed at $66,059 and the price is currently consolidating losses above the 23.6% Fibonacci retracement level of the downward move from the $70,143 high to $66,059 low. Bitcoin is currently trading below $68,500 and the 100 hourly simple moving average.

On the upside, the price is facing resistance near the $67,600 level. The first major resistance could be the $68,000 level and the 50% Fibonacci retracement level of the downward move from the $70,143 high to $66,059 low.

The next key resistance could be $68,500. There is also a connecting bearish trend line forming with resistance at $68,650 on the hourly chart of the BTC/USD pair. This trend line is also close to the 100 hourly simple moving average.

A clear break above the $68,500 resistance could push the price higher. In this case, the price could rise and test the $69,000 resistance. If there is further gains, Bitcoin could drop towards the $70,200 resistance in the near term.

Can BTC suffer more losses?

If Bitcoin fails to break out of the $68,500 resistance zone, it could decline again. An immediate support on the downside is near $66,700.

The first major support is $66,200. The next support is currently forming near $66,000. If the price declines further, it could drop to the $65,500 support area in the near term.

Technical Indicators:

Hourly MACD – The MACD is currently losing speed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

The main support level – $66,700, followed by $66,000.

The main resistance levels – $68,000 and $68,500.

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