Introduction:

Bitcoin's price is showing signs of potential decline despite breaching the $68,500 mark. For further upward momentum, it needs to surpass the $70,000 threshold. Currently, it is trading above $68,000 and the 100-hourly Simple Moving Average (SMA), with a bullish trend line forming near $68,800.

Overview of Bitcoin's Movement:

Bitcoin witnessed a rise above $67,500, surpassing key resistance levels at $68,500 and $68,800. It even peaked above $70,000, reaching around $70,300 before undergoing a corrective phase. Presently, it is hovering above $68,000 and the 100-hourly SMA, with immediate resistance around $69,800 and a major hurdle at $70,300.

Potential Upside and Downside Scenarios:

If Bitcoin manages to break above $70,300, it could initiate a fresh uptrend targeting $71,200 and beyond, possibly reaching the $72,000 zone. However, failure to breach the $70,000 resistance might lead to a downside correction. Initial support lies near $69,000 or the trend line, followed by $67,800 and $66,500. A breach below $66,500 could pave the way for a drop towards $65,350 and even $62,500.

Technical Analysis:

The hourly Moving Average Convergence Divergence (MACD) is indicating a slowdown in bullish momentum, while the Relative Strength Index (RSI) for BTC/USD is hovering around the 50 level, reflecting a neutral stance.

Conclusion:

Bitcoin's price movement suggests the possibility of both upward and downward trends. While a breakthrough above $70,000 could signal further gains, failure to do so might trigger a corrective phase. Traders should remain vigilant and consider buying opportunities if the price dips, while also closely monitoring key support and resistance levels for potential entry or exit points.