Bitcoin has slipped below $70,000 and is continuing to decline, now trading near $68,400. After falling under the $69,200 support level, it also broke below a key bullish trend line at $69,500. The price is currently hovering around the 100-hour simple moving average.
If Bitcoin stays above $68,000, it could attempt a recovery, with initial resistance at $68,800 and a more significant hurdle at $69,500. A sustained move above that level might pave the way for a retest of $70,000 and potentially higher.
However, if it fails to climb past $69,500, the decline could resume. Immediate support lies at $68,200, followed by a major level at $68,000. A break below that could see the price drop toward $67,350, with $66,500 acting as a crucial support zone.
Technical indicators are leaning bearish, with the hourly MACD gaining momentum in negative territory and the RSI below 50.
Frequently Asked Questions
Frequently Asked Questions About Bitcoins Recent Price Pullback
Beginner Questions
Q Why is Bitcoins price dropping again
A Bitcoins price often moves in cycles After a period of gains its common for the price to pull back or drop as some investors take profits market sentiment shifts or broader economic factors create uncertainty
Q Does this mean Bitcoin is a bad investment
A Not necessarily Bitcoin is known for its high volatilitysharp rises and falls are normal A shortterm drop doesnt define its longterm potential but it highlights the risk Never invest more than you can afford to lose
Q What does upward momentum weakening mean
A It means the speed and force of Bitcoins price increase are slowing down This is often seen when buying pressure decreases suggesting the recent rally might be pausing or reversing for a while
Q Should I sell my Bitcoin now
A Thats a personal decision based on your investment goals and risk tolerance Selling during a dip often locks in losses Many longterm investors choose to hold through volatility but you should have a clear strategy
Q How long do these pullbacks usually last
A Theres no set timeline Pullbacks can last days weeks or even months They can be shallow or deep depending on market conditions
Intermediate Advanced Questions
Q What are common technical indicators that signaled this momentum weakness
A Traders often watch for a failure to break above key resistance levels declining trading volume during upswings or bearish patterns on charts Indicators like the Relative Strength Index moving out of overbought territory can also signal a pullback
Q Are there specific onchain metrics hinting at this slowdown
A Yes analysts look at metrics like a decrease in Network Growth a drop in Exchange Netflow or a falling MVRV Ratio suggesting the market may be overvalued