Bitcoin's recent price action has been characterized by a sharp decline from levels well above $73,000. The cryptocurrency is now trading in a bearish zone below $72,500 and the 100 hourly simple moving average.
The bears have pushed the price below $71,200, with a low formed at $68,782, before rebounding to test the 23.6% Fibonacci retracement level of the recent decline from the $75,998 swing high to the $68,782 low.
Bitcoin is currently consolidating losses and may attempt a fresh increase if it clears the $72,400 level. If the price remains stable above $69,000, it could attempt a fresh increase with immediate resistance near the $70,800 level.