Bitcoin Price Struggles: Can the Leading Cryptocurrency Start Fresh Increase?
30 Mai 2024 - 3:02AM
NEWSBTC
Bitcoin price extended its decline below the $68,000 level. BTC is
now slowly moving lower toward the $66,250 support zone in the near
term. Bitcoin extended its downside correction below the $68,000
zone. The price is trading below $68,500 and the 100 hourly Simple
moving average. There is a key bearish trend line forming with
resistance at $67,900 on the hourly chart of the BTC/USD pair (data
feed from Kraken). The pair could continue to move down unless
there is a close above the $68,500 level. Bitcoin Price Dips
Further Bitcoin price extended its downside correction below the
$69,000 level. BTC bears were able to push the price below the
$68,000 support. Finally, the price tested the $67,000 zone. A low
has formed at $67,100 and the price is now consolidating losses. It
recovered above the $67,5000 level and the 23.6% Fib retracement
level of the downward wave from the $70,600 swing high to the
$67,100 low, with a bearish angle. Bitcoin is now trading below
$68,500 and the 100 hourly Simple moving average. On the upside,
the price is facing resistance near the $68,000 level. There is
also a key bearish trend line forming with resistance at $67,900 on
the hourly chart of the BTC/USD pair. The first major resistance
could be $68,800 or the 50% Fib retracement level of the downward
wave from the $70,600 swing high to the $67,100 low. The next key
resistance could be $69,250. A clear move above the $69,250
resistance might send the price higher. In the stated case, the
price could rise and test the $70,000 resistance. Any more gains
might send BTC toward the $72,600 resistance. More Losses In BTC?
If Bitcoin fails to climb above the $68,000 resistance zone, it
could continue to move down. Immediate support on the downside is
near the $67,250 level. The first major support is $67,000. The
next support is now forming near $66,250. Any more losses might
send the price toward the $65,000 support zone in the near term.
Technical indicators: Hourly MACD – The MACD is now losing pace in
the bearish zone. Hourly RSI (Relative Strength Index) – The RSI
for BTC/USD is now above the 50 level. Major Support Levels –
$67,100, followed by $66,250. Major Resistance Levels – $68,000,
and $68,800.
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