As a seasoned financial analyst with extensive experience in cryptocurrency markets, I have closely monitored Bitcoin’s price behavior over the past few days. The recent struggle of BTC to break above the $68,500 resistance zone indicates a potential correction wave for the world’s largest digital currency.
I’ve observed Bitcoin‘s price facing some challenges in breaking past the resistance level of $68,500. Currently, Bitcoin is correcting its gains and could potentially drop further down towards the support level of $65,500.
- Bitcoin started a correction wave from the $68,500 resistance zone.
The price is trading below $66,500 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $67,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses and trade below the $65,500 support zone.
Bitcoin Price Holds Gains Above $67K
The price of Bitcoin struggled to surpass the $66,500 and $67,000 thresholds, instead slumping further. Consequently, BTC sank below the $66,000 mark, pushing it into a bearish phase for the immediate term.
On the hourly chart of the BTC/USD pair, the trendline supporting the bullish run at $67,200 was breached, causing a significant drop in price. The pair dipped even further below the $65,500 mark, reaching a low of $65,458. Currently, the price is consolidating, attempting to recover from these losses. Notably, it now trades beneath the 23.6% Fibonacci retracement level, which represents the recent decline from the peak at $68,240 to the aforementioned low.
The current Bitcoin price hovers around $66,500 and falls beneath the 100-hour Simple Moving Average. Should the price surge again, it may encounter resistance around $66,150.
As a researcher studying the price movements of a particular asset, I’ve identified two significant factors influencing its current trend. The first hurdle to surmount is located around the $66,800 mark and represents both a natural resistance point as well as the 50% Fibonacci retracement level following our recent decline from the peak of $68,240 down to $65,458. Overcoming this barrier could potentially trigger additional gains in the subsequent trading sessions.
In simpler terms, if the stock price reaches $67,100 next, it may encounter a significant challenge at $67,200. Overcoming this barrier could lead to further price increases, potentially reaching $68,000 for testing.
More Losses In BTC?
Should Bitcoin be unable to surpass the $67,200 barrier, there’s a strong possibility it may descend further. The nearest supportive level lies around $65,500.
The price found initial significant resistance at $65,080. It currently hovers around $64,200 as the next level of support. A further decline might push the price towards the vicinity of $63,500 in the short term.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $65,500, followed by $65,000.
Major Resistance Levels – $67,200, and $68,000.
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2024-07-24 05:46