Bitcoin’s value has sharply declined, now trading below the $70,000 mark, following a failure to maintain support in the $72,000 range. The cryptocurrency is experiencing consolidation and may continue to decline if it falls below $66,000. As of now, BTC is trading under the $70,000 level and below the 100-hourly simple moving average. A bearish trend line is appearing with resistance around $68,000 on the BTC/USD hourly chart. If Bitcoin remains under $67,500 and $68,500, further losses could occur. A low point was established at $66,111, and should the price remain above $66,000, a possible rebound could be attempted. Key resistance lies near $68,500, and a close above this could set the stage for a rise toward the $70,000 level. Immediate support is near $66,200, and if the price drops further, it could test the $65,000 and $64,200 support levels, with significant support at $63,500. Both the hourly MACD and RSI indicate prevailing bearish momentum.
