- Today's Chart: Bitcoin Supporting Price of $68,000.

Bitcoin is trading above $68,500, with a neutral bias in the near term and a bearish technical bias. The price is settling below the 50, 100, and 200-day exponential moving averages (EMAs), which all sit above $72,000, indicating an established downtrend on the longer timeframe.

The Moving Average Convergence Divergence (MACD) lies below its signal line on the daily chart and has slipped into negative territory, indicating renewed bearish momentum following last week's rally that reached $76,000.

Immediate resistance appears at the $69,900 level, followed by the 50-day exponential moving average at $72,182, then the $74,465 zone. A daily close above the 50-day exponential moving average would be needed to reopen the path to the upside toward $76,000.

Daily chart for BTC/USDT pair

On the downside, initial support is noted at $67,900, followed by the $65,900 level, both corresponding to recent swing lows. Breaking below the $65,900 level would lead to a deeper pullback toward the $64,700-$64,100 range, where early month lows are located, and failure to break above this level would confirm the continuation of the downtrend with strength.
$BTC