As a researcher with extensive experience in cryptocurrency markets, I have closely observed Bitcoin’s price behavior over the past few days. Based on the available data, it appears that Bitcoin has found support at $67,000 and started a fresh increase. The price surged above $69,500, breaking key resistance levels. This bullish trend could continue in the near term, as indicated by the hourly chart of the BTC/USD pair.
The price of Bitcoin rebounded at around $67,000 and subsequently surged higher, reaching over $69,500. It’s possible that Bitcoin will continue to advance in the upcoming period.
- Bitcoin started a decent increase above the $68,500 and $69,500 resistance levels.
The price is trading above $68,500 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it settles above the $69,500 level.
Bitcoin Price Remains Traction
The price of Bitcoin dipped beneath the $67,200 mark, touching the $66,650 region in its recent downturn. Subsequently, BTC has begun to recover, surpassing the $68,500 resistance point.
On the hourly chart of the BTC/USD pair, the trendline providing support to the bearish move held at $68,000 was breached, signaling a potential shift in market sentiment. The pair surpassed the previous resistance zones at $69,500 and reached beyond $70,000, peaking at $70,253. However, the price is now pulling back from these gains.
The price declined and dropped beneath the $69,500 mark, falling short of the 23.6% Fibonacci retracement line during the bullish trend that started at $67,283 and peaked at $70,253.
Currently, Bitcoin is trading at a price point above $68,500 and the 100-hour Simple Moving Average. Moreover, it has managed to maintain its upward trend, with gains holding firm above the 50% Fibonacci retracement mark of the price surge from the previous low of $67,283 to the high of $70,253. On the other hand, Bitcoin’s advance is encountering resistance around the $69,200 mark.
The first major resistance could be $69,550. The next key resistance could be $70,000. A clear move above the $70,200 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 resistance. Any more gains might send BTC toward the $72,000 resistance.
Another Decline In BTC?
If Bitcoin is unable to surpass the $69,500 mark of resistance, there’s a risk it may initiate another downturn. The nearest support for Bitcoin lies around the $68,750 region.
In simpler terms, the price of the asset initially finds significant backing at $68,400. The resistance level is presently shaping up close to $68,000. Any further declines could potentially push the price towards the nearby support area around $67,200.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $68,400, followed by $68,000.
Major Resistance Levels – $69,500, and $70,000.
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2024-06-04 05:10