The cryptocurrency market is witnessing a dramatic turn of events as Bitcoin's price takes a nosedive, falling below the crucial $68,000 support level. This sudden downturn has left investors reeling, with the price now trading below the 100 hourly Simple Moving Average.

After attempting to breach the $70,000 resistance zone, Bitcoin's price failed to sustain its gains, forming a high at $70,142 before plummeting to a low of $67,920. The price is now consolidating losses, with the 23.6% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low acting as a temporary support.

The bears are firmly in control, with the price facing significant resistance at the $69,500 level, where a key bearish trend line is forming. A clear move above this resistance could send the price higher, potentially testing the $70,000 resistance and even the $71,200 resistance.

However, if Bitcoin fails to climb above the $69,500 resistance zone, another decline is imminent. The immediate support on the downside is at $68,000, with further support levels at $67,650 and $67,500. Any more losses could send the price plummeting toward the $66,400 support zone in the near term.

The technical indicators are flashing red, with the Hourly MACD gaining pace in the bearish zone. The price action is a stark reminder of the volatility that has come to define the cryptocurrency market. As investors scramble to make sense of this sudden downturn, one thing is certain - the Bitcoin rollercoaster is far from over.