Bitcoin price has started a recent decline below the $72,500 zone. BTC is consolidating and may continue to decline if it falls below $70,500.

• Bitcoin failed to stay above $73,500 and deepened losses.
• The price is trading below $72,500 and the 100-hour straightforward moving average.
• On the hourly chart of the BTC/USD pair, there was a break below the bullish trend line with support at $73,250 (powered by data from Kraken).
• The pair could extend losses if it stays below the $72,500 and $73,500 levels.

Bitcoin price hits

Bitcoin price failed to stay above the $74,000 support zone. BTC remained in a bear zone and recorded losses below the $73,500 level. There has been a move below the $73,000 level.

There was a break below the bullish trend line with support at $73,250 on the hourly chart of the BTC/USD pair. The price even dropped below $72,000. The low has formed at $70,581 and the price is currently consolidating losses with a bearish angle below the 23.6% Fib retracement level in a move down from the high of $74,161 to the low of $70,581.

Bitcoin is currently trading below $72,500 and the 100-hour straightforward moving average. If the price remains stable above $70,000, a recent price hike may be attempted. Immediate resistance is near the $71,950 level. The first key resistance is located near the $72,350 level and the 50% Fib retracement level in a move down from a high of $74,161 to a low of $70,581.

A close above the resistance at $72,350 could see the price rise further. In the given case, the price may rise and test the resistance at $73,500. Any further gains could push the price towards the $74,000 level. The next barrier for bulls could be $75,000.

Accelerating declines in BTC?

If Bitcoin does not rise above the $72,500 resistance zone, it could begin another decline. Immediate support is near the $71,200 level.

The first major support is near the $70,500 level. The next support is now near the $70,000 zone. Any further losses could push the price towards the $68,800 support in the near future. Major support currently stands at $68,500, below which BTC may have difficulty recovering in the near future.

Technical Indicators:

Hourly MACD – The MACD is currently gaining momentum in a bearish zone.

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

Main support levels – $70,500 and then $70,000.

Major resistance levels – $71,950 and $72,350.