Bitcoin Price Hits Crucial Support: Will Bulls Ignite a Fresh Increase?

As an experienced analyst, I have been closely monitoring the Bitcoin market for quite some time. Based on my analysis of the current price action, it appears that Bitcoin has started a downside correction below the $70,000 support level. The price is currently testing the $68,800 support and might attempt another increase if it holds. However, if we observe a close below this level, the selling pressure could intensify, leading to further declines.

The price of Bitcoin took a turn and dropped below the $70,000 mark, currently testing the $68,800 support. It’s possible that Bitcoin may try to bounce back for another price rise.

    Bitcoin extended its decline below the $70,000 support zone.
    The price is trading above $68,000 and the 100 hourly Simple moving average.
    There is a connecting bearish trend line forming with resistance at $70,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could start another increase unless there is a close below $68,800.

Bitcoin Price Revisits Support

The price of Bitcoin reached a new high of $71,896 for the week before initiating a decline from around $71,500.

As a researcher studying the cryptocurrency market, I’ve observed that the price dipped below the $70,000 mark and reached the 50% Fibonacci retracement level following an upward trend from a swing low at $66,046 to a high of $71,896. Additionally, there was a noticeable spike below the support zone at $68,800. At present, the bulls are showing signs of activity near this crucial support level.

The price of Bitcoin has surpassed $68,000 and the 100-hour moving average. At present, it’s encountering resistance around $69,650. The initial significant hurdle lies at $70,000. Additionally, a bearish trend line is emerging with resistance at $70,000 on the hourly chart of Bitcoin versus the US Dollar pair.

If the price breaks past the $70,500 barrier, it may signal a further increase towards $71,200. In this scenario, the price might reach and challenge the resistance at that level.

Bitcoin Price Hits Crucial Support: Will Bulls Ignite a Fresh Increase?

As a researcher studying the Bitcoin market, I would express it this way: Should the bullish momentum continue driving up the price, we may witness a progression towards the $71,800 resistance level. Further gains could potentially propel BTC to reach the $72,500 resistance mark.

Downside Break In BTC?

As a Bitcoin analyst, I would observe that if we fail to surpass the $70,000 resistance area, there’s a strong possibility of further price declines. The nearest support lies around the $69,000 mark.

The first major support is $68,800. The next support is now forming near $67,420 or the 76.4% Fib retracement level of the upward wave from the $66,046 swing low to the $71,896 high. Any more losses might send the price toward the $66,000 support zone in the near 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 below the 50 level.

Major Support Levels – $69,000, followed by $68,800.

Major Resistance Levels – $70,000, $70,500, and $71,200.

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2024-05-23 04:34