As a researcher with extensive experience in cryptocurrency markets, I’ve been closely monitoring the recent price movements of Bitcoin (BTC). My analysis reveals that Bitcoin failed to sustain its gains above the $68,500 support level and has now shown bearish signs. The price is currently trading below $68,800 and the 100 hourly Simple moving average.
The price of Bitcoin fell short of holding the $68,500 mark as support. Consequently, it continued to decline, exhibiting negative indicators beneath 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
The price of Bitcoin made another attempt to rise above the $69,500 threshold. It even surpassed the $70,000 mark but could not sustain its upward trend. A new peak of $70,142 was reached before another drop occurred.
The cost dipped beneath the $69,500 and $68,500 thresholds of support. A new low was established at $67,920, and currently, the value is retracting close to the 23.6% Fibonacci retracement mark in the bearish trend from the peak of $70,142 to the trough of $67,920.
Currently, Bitcoin is being traded at a price below $69,500 and the 100-hour Simple Moving Average. Looking upward, there are barriers to further growth around the $68,800 mark. The initial significant resistance lies at $69,000, which aligns with the 50% Fibonacci retracement level of the price drop from its peak of $70,142 down to $67,920.
As an analyst, I’ve identified a potential resistance level for Bitcoin (BTC) at $69,500 based on current market trends. This resistance is further emphasized by the emerging bearish trend line on the hourly BTC/USD chart. If BTC manages to break through this resistance, we could see the price climb higher, potentially reaching towards the next resistance levels at $70,000 and $71,200.
More Losses In BTC?
As a crypto investor, if Bitcoin doesn’t manage to break through the resistance at $69,500, there’s a risk of another price drop. Should this happen, the first line of defense for buyers would be around the $68,000 mark.
As a crypto investor, I’d put forward that the first significant level of support lies at $67,650. Currently, a new support is emerging around $67,500. Should the price continue to slide, it may head towards the $66,400 support area in the immediate future.
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 07:56