Bitcoin price has taken a downturn after reaching near the seventy thousand dollar resistance level. The digital currency is now correcting its gains and could potentially see further losses if it falls below the sixty six thousand dollar mark.

Bitcoin struggled to maintain its position near the seventy thousand dollar level and began to decline. The price is currently trading below sixty eight thousand five hundred dollars and the one hundred hour Simple moving average. A key bullish trend line with support at sixty eight thousand six hundred and twenty dollars on the hourly chart of the BTC/USD pair has been broken.

The possibility of further price drops exists if Bitcoin is unable to stay above the sixty six thousand dollar support zone.

Bitcoin price increased above the sixty eight thousand five hundred dollar resistance level and even reached towards the seventy thousand dollar resistance level. However, it was unable to hold its position near seventy thousand dollars and started to correct downwards.

The price moved below the sixty eight thousand five hundred and sixty eight thousand dollar support levels. Additionally, a key bullish trend line with support at sixty eight thousand six hundred and twenty dollars on the hourly chart of the BTC/USD pair was broken. The pair even dropped below the sixty six thousand five hundred dollar support zone.

The price tested the sixty six thousand dollar zone. A low was formed at sixty six thousand and sixty three dollars and the price is currently consolidating its losses. Bitcoin price is trading below sixty eight thousand five hundred dollars and the one hundred hour Simple moving average.

Looking upwards, the price could encounter resistance near the sixty seven thousand dollar level. The first key resistance is near the sixty seven thousand two hundred dollar level or the twenty three point six percent Fib retracement level of the downward move from the sixty nine thousand nine hundred and eighty five dollar swing high to the sixty six thousand and thirty six dollar low. A clear move above the sixty seven thousand two hundred dollar resistance could push the price higher in the following sessions.

The next key resistance could be sixty eight thousand dollars or the fifty percent Fib retracement level of the downward move from the sixty nine thousand nine hundred and eighty five dollar swing high to the sixty six thousand and thirty six dollar low. The next major hurdle is at sixty eight thousand five hundred dollars. A close above the sixty eight thousand five hundred dollar resistance could trigger bullish movements. In this scenario, the price could rise and test the seventy thousand dollar resistance.

If Bitcoin fails to recover above the sixty seven thousand two hundred dollar resistance zone, it could initiate another decline. Immediate support on the downside is near the sixty six thousand dollar level.

The first major support is sixty five thousand five hundred dollars. The next support is now near sixty five thousand dollars. Any further losses could push the price towards the sixty three thousand five hundred dollar support zone in the near term.

Technical indicators show that the Hourly MACD is now gaining momentum in the bearish zone. The Hourly RSI Relative Strength Index for BTC/USD is currently below the fifty level. Major Support Levels are sixty six thousand dollars, followed by sixty five thousand five hundred dollars. Major Resistance Levels are sixty seven thousand two hundred dollars, and sixty eight thousand dollars.