Will the decline space of Bitcoin expand?
If Bitcoin fails to break through the resistance level of $72,400, a new round of decline may begin. The recent support level is around $69,650. The first major support level is around $69,000.
The next support level is around $68,800. If the price continues to decline, it may test the support level of $68,000 in the short term. The current major support level is at $67,200, and if this support level is broken, Bitcoin may struggle to rebound in the short term.
Technical indicators:
Hourly MACD indicator - The MACD indicator is currently slowing down in the bearish zone.
Hourly Relative Strength Index (RSI) - The RSI for BTC/USD is currently below the 50 level.
Major support level - $69,650, followed by $68,800.
Major resistance levels - $71,500 and $72,400.