The $68,400 level is key for Bitcoin and can be analyzed by bearish divergences.
These divergences have preceded 25% to 30% declines. A 25% drop from the current level would lead Bitcoin to test the $50,000 - $52,000 range.
Today, Bitcoin is showing a third bearish divergence, having broken its six-and-a-half-month downtrend, forming higher lows.
Every attempt to break above the resistance line has failed. On the 12-hour chart, there are signs of a possible correction.
Every time Bitcoin forms a higher low and tests the trend line, bearish divergences are seen on the RSI and MACD.
