As a seasoned researcher with years of experience tracking Bitcoin’s price movements, I find myself constantly intrigued by the rollercoaster ride that is BTC. The latest surge above $69,200 was indeed impressive, but the correction to the current $67,500 level is not entirely unexpected.
The price of Bitcoin climbed higher, surpassing the barrier at $69,200. However, Bitcoin is currently pausing its upward trend and is hovering around the key support level of $67,500.
- Bitcoin struggled to test the $70,000 resistance zone and corrected some gains.
- The price is trading below $68,500 and the 100 hourly Simple moving average.
- There was a break below key contracting triangle with support at $68,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a fresh increase unless there is a close below the $66,500 zone.
Bitcoin Price Dips To Support
The price of Bitcoin held steady above the $66,500 level, showing resilience. Subsequently, BTC saw a small uptick breaking through the $68,500 resistance and surpassing the $69,200 mark, which the bulls managed to conquer.
Instead, let me rephrase that for you: The $70,000 barrier wasn’t challenged, as a peak formed around $69,428 instead. Now, there seems to be a pullback in prices. We saw a small dip dropping below the $68,000 mark. Moreover, there was a significant break below a key contracting triangle with support at $68,500 on the hourly BTC/USD chart, indicating a potential downtrend.
In simpler terms, they checked if the price would hold at the $66,500 mark. Currently, it’s stabilizing above a key resistance point, which is approximately 23.6% of the distance moved down from the peak of $69,428 to the low of $66,564 in the recent price decline.
Currently, Bitcoin’s trading value is dipping below $68,500 and also lower than its 100-hour Simple Moving Average. If it rises, potential obstacles might appear around $68,000 or at the halfway point of the price drop from the peak of $69,428 to the low of $66,564.
Initial significant resistance is found around $68,750. Breaking through this barrier at $68,750 could potentially push the price upward. The next significant resistance may lie at $69,200. A closing above the $69,200 resistance might trigger further growth. In this scenario, the price may climb and challenge the $70,000 resistance. Any additional gains could drive the price closer to the $70,500 resistance level.
More Losses In BTC?
If Bitcoin doesn’t manage to break through the $68,000 barrier, it might trigger a new drop. The nearest potential support can be found around the $67,000 mark.
The primary reinforcement lies around the $66,800 region. Another backup is currently close to the $66,500 area. If there are further declines, the value may head towards the $65,500 reinforcement 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 below the 50 level.
Major Support Levels – $66,800, followed by $66,500.
Major Resistance Levels – $68,000, and $68,500.
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2024-10-22 05:46