As a seasoned analyst with over two decades of market experience under my belt, I can confidently say that the current Bitcoin price action is reminiscent of a roller coaster ride – exhilarating when it surges, nerve-wracking when it plummets.
The price of Bitcoin is finding resistance at approximately $69,500. The cryptocurrency appears to be weakening, suggesting potential limits for further growth around the $69,200 mark.
- Bitcoin started a fresh decline from the $70,000 zone.
- The price is trading below $70,000 and the 100 hourly Simple moving average.
- There is a new connecting bearish trend line forming with resistance at $68,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could struggle to recover above the $69,200 resistance zone.
Bitcoin Price Faces Hurdles
The price of Bitcoin struggled to rise any further and instead continued to fall, dropping below the $70,500 level. Previously established support at $70,000 and $69,200 were also breached in this decline.
Initially, the cost dipped below $68,000 and touched $66,800. A minimum was established at $66,836, and currently, efforts are being made for a price recovery. The resistance level of $67,500 was surpassed, indicating an upward movement. Additionally, the price briefly hit the 23.6% Fibonacci retracement level stemming from the peak at $71,576 to the trough at $66,836.
Currently, Bitcoin’s trading value is dipping below the $70,000 mark and the 100-hour Simple Moving Average. If it rises, it might encounter resistance around the $68,200 point. Additionally, a fresh bearish trend line is being formed on the hourly BTC/USD chart, with potential resistance at $68,400.
As a crypto investor, I’ve noticed that the initial resistance point lies around the $69,200 mark or roughly 50% of the pullback from the peak at $71,576 to the trough at $66,836. Breaking above this $69,200 barrier could potentially propel the price upwards. The subsequent resistance might materialize around the $70,000 level.
If the price breaks through the $70,000 barrier, it may lead to further increases in value. In this scenario, we could see the price climbing and attempting to surpass the $71,200 resistance point. Should it continue rising, it might push towards the $72,000 resistance level.
Another Decline In BTC?
Should Bitcoin not manage to surpass the $69,200 barrier, there’s a possibility it might initiate a new drop. At the moment, a potential support zone can be found around $67,400.
The first major support is near the $66,800 level. The next support is now near the $66,500 zone. Any more losses might send the price toward the $65,500 support 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 below the 50 level.
Major Support Levels – $67,500, followed by $66,800.
Major Resistance Levels – $69,200, and $70,000.
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2024-11-05 06:05