{"id":10657,"date":"2026-03-23T05:11:05","date_gmt":"2026-03-23T05:11:05","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-sinks-deeper-is-a-larger-breakdown-now-unfolding\/"},"modified":"2026-03-23T05:11:05","modified_gmt":"2026-03-23T05:11:05","slug":"bitcoin-price-sinks-deeper-is-a-larger-breakdown-now-unfolding","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-sinks-deeper-is-a-larger-breakdown-now-unfolding\/","title":{"rendered":"Bitcoin Price Sinks Deeper, Is a Larger Breakdown Now Unfolding?"},"content":{"rendered":"<p><em>Bitcoin price started a sharp decline from well above $72,000. BTC is now consolidating and might extend losses unless there is a close above $70,000.<\/em><\/p>\n<ul>\n<li>Bitcoin started a sharp decline below $71,200 and $70,500.<\/li>\n<li>The price is trading below $70,500 and the 100 hourly simple moving average.<\/li>\n<li>There is a bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might continue to decline if it stays below the $69,200 and $70,000 levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price Dips Further<\/h2>\n<p>Bitcoin price started a sharp decline from well above $72,000. BTC declined below $71,200 and $70,000 to enter a short-term bearish zone.<\/p>\n<p>The bears even pushed the price below $69,500. There was a move toward $67,500. A low was formed at $67,343, and the pair is now consolidating losses. There was a minor upward move above $68,000, but the price stayed well below the 23.6% Fib retracement level of the downward move from the $75,999 swing high to the $67,343 low.<\/p>\n<p>Bitcoin is now trading below $70,000 and the 100 hourly simple moving average. Besides, there is a bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>If the price remains stable above $68,000, it could attempt a fresh increase. Immediate resistance is near the $69,000 level. The first key resistance is near the $69,200 level and the trend line. A close above the $69,200 resistance might send the price further higher.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" class=\"size-full wp-image-888469\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2026\/03\/Bitcoin_f274c0.png?resize=1024%2C512\" alt=\"Bitcoin Price \" width=\"1024\" height=\"512\" loading=\"lazy\" \/><\/p>\n<p>In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send the price toward the $71,650 level or the 50% Fib retracement level of the downward move from the $75,999 swing high to the $67,343 low. The next barrier for the bulls could be $72,800.<\/p>\n<h2>Downside Extension In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,250 level.<\/p>\n<p>The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,000 support in the near term. The main support now sits at $63,500, below which BTC might struggle to recover in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $68,000, followed by $67,250.<\/p>\n<p>Major Resistance Levels \u2013 $69,200 and $70,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a sharp decline from well above $72,000. BTC is now consolidating and might extend losses unless there is a close above $70,000. Bitcoin started a sharp decline below $71,200 and $70,500. The price is trading below $70,500 and the 100 hourly simple moving average. There is a bearish trend line forming with&hellip;<\/p>\n","protected":false},"author":1,"featured_media":10658,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145],"tags":[65,108,73,70,71,146],"class_list":["post-10657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/10657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=10657"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/10657\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/10658"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=10657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=10657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=10657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}