Posted by Xoken.org – The price of Bitcoin fell to the level of US$66,000 after failing to maintain the price of US$70,000 and the first support level at US$69,200.
Next, the price of Bitcoin continued through the support zone at US$68,500 and fell to the level of US$67,000, which made it touch the level of US$66,800. Currently the price of Bitcoin has managed to return to the level of US$67,000. In the last 24 hours Bitcoin was recorded to have fallen more than five percent.
According to technical analysis conducted by NewsBtc, the nearest resistance is near the US$68,000 level. This is close to the 50% Fib retracement level of the downward move from the swing high of $69,884 to the low of US$65,992.
The first major resistance could be US$68,500 and the trend line. If there is a clear move above the US$68,500 resistance zone, the price could start a new increase.
If Bitcoin fails to rise above the US$68,000 resistance zone, it could continue to move down. Immediate support on the downside is near the US$66,000 level.
The first major support was US$65,000. The next support is at US$64,000. If there is a close below US$64,000, the price could start to fall towards the level of US$62,500. Further losses might send the price towards the US$60,500 support zone.
Meanwhile, if Bitcoin manages to improve its price and return to resistance of US$70,000. The next major resistance is near the US$71,500 zone.
Bitcoin’s decline was followed by altcoins such as ETH (-6.77%), BNB (-5.44%), SOL (-8.81%), and XRP (-7.40%) in the last hour. In addition, in the derivatives market in the last 24 hours, 154,110 traders were liquidated, the total liquidation reached US$496.15 million. The largest single liquidation order occurred on OKEx – an ETH-USD-SWAP value of US$7.48 million, according to a CoinGlass report.