As an experienced analyst, I believe that Bitcoin’s recent price action indicates a bearish trend. The extended losses below the $68,800 support zone and the formation of a key bearish trend line with resistance at $69,200 are clear signs of this trend.
The price of Bitcoin continued to decline, falling beneath the $68,800 mark. Currently, Bitcoin is in a holding pattern and encountering obstacles as it attempts to surpass the $70,000 resistance area.
- Bitcoin extended its decline below the $68,800 support zone.
The price is trading below $69,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move done unless the bulls push it back above $70,000.
Bitcoin Price Breaks Support
The value of Bitcoin took a turn for the worse, dropping below the $70,000 mark after facing resistance from sellers. This downward trend continued as bears successfully drove the price down further, breaching the significant support at $68,800. Consequently, the bearish momentum intensified, causing Bitcoin’s price to slide towards the $66,250 level.
At a price of $66,250, a low point was reached and prices are currently holding steady as they recover from this loss. There was a slight uptick in value above the $67,250 mark. The price surpassed the 23.6% Fibonacci retracement level, which represents a significant resistance level following the downward trend from the high of $70,500 to the low of $66,250.
As a crypto investor, I’m keeping a close eye on the current market situation. The bearish sentiment is quite strong around the $68,350 mark and the 50% Fibonacci retracement level of our recent downward move from the $70,500 swing high to the $66,250 low. Unfortunately, Bitcoin’s price has dipped below the $69,000 threshold and is now trading under the 100-hour Simple Moving Average.
Should a new price hike occur, the value may encounter obstacles around the $68,350 mark. The initial barrier could be set at $68,800. Additionally, an ominous downward trend line is emerging on the hourly chart of BTC/USD, with resistance at approximately $69,200.
If we reach $70,000 as the next major resistance, a decisive breakthrough above this level may lead to further price increases. In such a scenario, the price might advance towards the next resistance at $70,500 for potential further gains.
As an analyst, I would interpret this as follows in a more conversational tone:
More Losses In BTC?
If Bitcoin is unable to surpass the $69,800 barrier, there’s a possibility it may descend further. The nearest support lies around the $67,250 mark.
As a researcher observing the market trends, I’ve identified the initial significant support level at around $66,800. Currently, there’s emerging resistance near $66,250. Should the price continue to fall, it may head towards the near-term support zone of approximately $65,000.
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 – $67,250, followed by $66,250.
Major Resistance Levels – $68,350, $68,800, and $70,000.
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2024-05-24 04:34