As an experienced analyst, I believe that Bitcoin’s correction from the $72,000 zone is a normal price action in the cryptocurrency market. The consolidation near $70,000 indicates that the bulls are not giving up easily and are actively buying the dips.
The price of Bitcoin experienced a decline after reaching approximately $72,000. Currently, Bitcoin hovers around $70,000, with potential for further growth in the short term.
- Bitcoin struggled above the $71,800 resistance zone.
The price is trading above $69,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase unless there is a move below $68,800.
Bitcoin Price Corrects Gains
The price of Bitcoin surged forward, reaching over $70,000. It briefly touched $71,200 before encountering resistance around $72,000. A new peak was achieved at $71,896 during the weekly session, and more recently, Bitcoin has initiated a correction.
As a crypto investor, when I saw the price dip, it fell below the significant support levels of both $71,000 and the 23.6% Fibonacci retracement mark of $71,896 to $66,047 upward wave.
As a researcher studying the Bitcoin market, I’ve observed that the bulls have remained active above the crucial support level of $68,800. The cryptocurrency is currently trading above $69,000 and is also hovering above the 100-hour Simple Moving Average (SMA). Moreover, a significant bullish trend line is forming on the hourly chart of the BTC/USD pair, providing support at around $69,200.
As a researcher studying the price movements of a particular asset, I have observed that the price is currently encountering resistance around the $70,500 mark. The first significant level of resistance lies at $71,200. If the price manages to break through this barrier, the next key resistance can be found at $71,850. Should the price surmount this hurdle, it may continue to climb and challenge the $72,500 resistance.
Should bulls continue driving up the price, Bitcoin may advance towards the $73,200 resistance level. Further progress could potentially push it towards the $74,500 resistance.
Are Dips Supported In BTC?
As a crypto investor, if Bitcoin doesn’t manage to break through the $71,200 resistance level, there’s a good chance it may head lower. The nearest support lies around $69,200 and the trendline.
The price has found its first significant resistance around $69,000. Currently, the primary support is emerging close to $68,800 or the halfway point of the price surge from the $66,047 trough to the $71,896 peak. If the price continues to fall, it may head towards the $67,300 support area in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $69,200, followed by $68,800.
Major Resistance Levels – $70,500, $71,200, and $71,800.
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2024-05-22 04:34