The cost of Bitcoin is currently adjusting its decline from around $67,500. Bitcoin could potentially regain strength and break through the barrier of $70,000 in the near future.
- Bitcoin started a fresh decline from the $72,500 zone.
- The price is trading below $70,500 and the 100 hourly Simple moving average.
- There was a break above a connecting bearish trend line with resistance at $68,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could gain bullish pace if it settles above the $70,000 resistance zone.
Bitcoin Price Aims Recovery
The price of Bitcoin struggled to reach a new record high and instead began a downward trend, dropping below the $72,500 mark. It also slipped past the $71,500 and $70,000 levels that previously served as supports.
Initially, the cost dipped below $68,500 and reached as low as $67,500. A record low was set at $67,483, and currently, efforts are being made for a price recovery. Previously established resistance at $68,500 was surpassed, and the cost exceeded the 23.6% Fibonacci retracement level from the high of $73,576 to the low of $67,483.
On the hourly Bitcoin-to-U.S. Dollar (BTC/USD) chart, a break occurred above a bearish trend line with resistance at approximately $68,300. Currently, the price is below $70,000 and the 100-hour Simple Moving Average.
Positively speaking, there’s a possibility that the price may encounter a barrier around the $69,500 mark. This is because it’s near the 50% Fibonacci retracement level from the price swing high of $73,576 to the low of $67,483. Initially, a significant resistance can be found at the $70,000 point. If the price manages to surpass this barrier at $70,000, it might push further upwards. A potential next resistance could be around $71,200.
As a crypto investor, if we manage to push the price above the $71,200 barrier, it could trigger further increases in our holdings. In such a scenario, the price may continue climbing and challenge the $72,500 resistance. If the upward momentum persists, we might even see the price approaching the $73,200 resistance level.
Another Decline In BTC?
As an analyst, if Bitcoin struggles to break through the $70,000 resistance point, it may initiate a new downtrend. In such a scenario, potential support can be expected around the $68,000 mark.
As an analyst, I’m indicating that a significant level of support can be found around $67,500. Currently, another potential support area is emerging close to the $67,200 zone. If further losses occur, the price might trend towards the next support at approximately $66,500 in the short 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 above the 50 level.
Major Support Levels – $68,000, followed by $67,500.
Major Resistance Levels – $69,500, and $70,000.
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2024-11-04 12:48