Bitcoin's price has initiated a significant decline, trading below the $68,000 mark and the 100-hour simple moving average. The cryptocurrency saw its support falter below $68,500 and $68,000, breaking a key bullish trend line at $68,900.
Recent price action saw Bitcoin test the $65,500 level, with a low recorded at $65,646. The digital asset is now consolidating these losses. Immediate resistance stands at $67,000, followed by a more significant hurdle at $67,600. A decisive move above this level could propel Bitcoin towards $68,800 and potentially $69,850.
However, failure to reclaim the $68,000 resistance zone could trigger further declines. Key support levels to watch are $65,500 and $65,000. A breach below $63,500 could send Bitcoin towards the $62,000 support, with a major downside target at $61,200.
Technical indicators, including the hourly MACD and RSI, signal bearish momentum, with the RSI falling below the 50 level.