Bitcoin's recent price action has raised concerns among investors and analysts alike. Since peaking above $72,000, the cryptocurrency has been on a sharp decline, with prices falling below key support levels of $71,200 and $70,500.
The hourly chart of the BTC/USD pair shows that the price is currently trading below the 100-hour simple moving average, indicating a bearish trend. Additionally, a bearish trend line has formed on the chart, with resistance at $69,200.
If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support levels are near $68,000 and $67,250, while major support sits at $66,500 and $65,000. Technical indicators, such as the MACD and RSI, also point to a bearish trend.