Bitcoin Price Cools Off — Range Forms Around $70K Support

Bitcoin price started a sharp decline from well above $73,000. BTC is now consolidating and might aim for a fresh increase if it clears $72,400. Bitcoin started a sharp decline below $72,000 and $71,500. The price is trading below $72,500 and the 100 hourly simple moving average. There is a bearish trend line forming with resistance at $71,550 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to rise if it clears the $71,500 and $72,400 levels. Bitcoin Price Starts Consolidation Bitcoin price started a sharp decline from well above $73,000. BTC declined below $72,500 and $72,000 to enter a short-term bearish zone. The bears even pushed the price below $71,200. There was a move toward $68,800. A low was formed at $68,782, and the pair is now consolidating losses. There was a minor upward move above $70,000. The price tested the 23.6% Fib retracement level of the recent decline from the $75,998 swing high to the $68,782 low. Bitcoin is now trading b