Bitcoin Price Sinks Deeper, Is a Larger Breakdown Now Unfolding?

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 resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might continue to decline if it stays below the $69,200 and $70,000 levels. Bitcoin Price Dips Further 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. 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. Bitc