As a researcher with experience in cryptocurrency markets, I’ve been closely monitoring the recent price movements of Bitcoin (BTC). The latest developments suggest that BTC has failed to sustain its position above the crucial support zone at $68,500 and is showing bearish signs. The price has extended losses, trading below $68,800 and the 100-hourly Simple Moving Average (SMA).
The price of Bitcoin was unable to hold above the $68,500 mark as support, resulting in further declines. Currently, Bitcoin exhibits bearish tendencies, falling below the $68,800 threshold.
- Bitcoin started another decline from the $70,150 resistance zone.
The price is trading below $68,800 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could further if there is a clear move below the $68,000 level.
Bitcoin Price Dips Again
As an analyst, I observed Bitcoin’s price making another attempt to climb above the $69,500 resistance level. Not only did it manage to surpass this threshold, but it also breached the $70,000 mark. However, despite reaching a peak of $70,142, the upward trend failed to sustain and Bitcoin’s price experienced a subsequent decline.
As a researcher studying the market trends, I’ve noticed that the price dipped below the $69,500 and $68,500 resistance points. A new low was established at $67,920, and currently, the price is consolidating its losses. It’s hovering near the 23.6% Fibonacci retracement level, which marks a significant point of potential reversal in the downward trend from the $70,142 peak to the $67,920 trough.
As an analyst, I’m observing that Bitcoin’s current price hovers around $68,700 and falls below both the 100-hour Simple Moving Average and my personal observation. On the positive side, resistance levels are apparent near $68,800. The primary resistance lies at $69,000, marking the 50% Fibonacci retracement level of the downward price movement from the $70,142 swing high to the $67,920 low.
The next key resistance could be $69,500. There is also a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair. A clear move above the $69,500 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $71,200 resistance.
More Losses In BTC?
If Bitcoin is unable to surpass the $69,500 mark of resistance, there’s a risk it may initiate another drop. The nearest support lies around the $68,000 region.
The first major support is $67,650. The next support is now forming near $67,500. Any more losses might send the price toward the $66,400 support zone in the near 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 – $68,000, followed by $67,500.
Major Resistance Levels – $69,000, and $69,500.
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2024-06-11 10:52