Bitcoin price started a sharp decline from well above $72,000. BTC is now 
consolidating and might extend losses unless there is a close above $70,000. 
Bitcoin started a sharp decline below $71,200 and $70,500. The price is 
trading below $70,500 and the 100 hourly simple moving average. There is a 
bearish trend line forming with resistance at $69,200 on the hourly chart of 
the BTC/USD pair (data feed from Kraken). The pair might continue to decline 
if it stays below the $69,200 and $70,000 levels. Bitcoin Price Dips Further 
Bitcoin price started a sharp decline from well above $72,000. BTC declined 
below $71,200 and $70,000 to enter a short-term bearish zone. The bears even 
pushed the price below $69,500. There was a move toward $67,500. A low was 
formed at $67,343, and the pair is now consolidating losses. There was a minor 
upward move above $68,000, but the price stayed well below the 23.6% Fib 
retracement level of the downward move from the $75,999 swing high to the 
$67,343 low. Bitcoin is now trading below $70,000 and the 100 hourly simple 
moving average. Besides, there is a bearish trend line forming with resistance 
at $69,200 on the hourly chart of the BTC/USD pair. If the price remains 
stable above $68,000, it could attempt a fresh increase. Immediate resistance 
is near the $69,000 level. The first key resistance is near the $69,200 level 
and the trend line. A close above the $69,200 resistance might send the price 
further higher. In the stated case, the price could rise and test the $70,000 
resistance. Any more gains might send the price toward the $71,650 level or 
the 50% Fib retracement level of the downward move from the $75,999 swing high 
to the $67,343 low. The next barrier for the bulls could be $72,800. Downside 
Extension In BTC? If Bitcoin fails to rise above the $70,000 resistance zone, 
it could start another decline. Immediate support is near the $68,000 level. 
The first major support is near the $67,250 level. The next support is now 
near the $66,500 zone. Any more losses might send the price toward the $65,000 
support in the near term. The main support now sits at $63,500, below which 
BTC might struggle to recover in the near term. Technical indicators: Hourly 
MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative 
Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support 
Levels – $68,000, followed by $67,250. Major Resistance Levels – $69,200 and 
$70,000.

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