As a seasoned crypto investor with years of experience in the market, I’ve seen Bitcoin’s price behavior many times. Right now, the BTC price is stuck below the key resistance zone of $70,000, and it’s facing several hurdles at this level.
The price of Bitcoin is gradually weakening and has difficulty remaining above the $70,000 mark. Currently, Bitcoin is in a holding pattern and encountering obstacles close to the $69,500 resistance area.
- Bitcoin is facing many key hurdles near the $70,000 zone.
The price is trading above $69,500 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $69,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move down if it stays below the $70,000 zone.
Bitcoin Price Stuck Below $70K
The price of Bitcoin rebounded above the $66,000 mark and resumed its upward trend. It successfully surpassed the $68,000 resistance threshold. Nonetheless, sellers attempted to regain control at around $69,500 and $70,000.
As a crypto investor, I’ve noticed that the price reached a peak around $69,608 and has since started correcting its gains. The downward trend took us below the 23.6% Fibonacci retracement level of our previous upward move, which began at the swing low of $66,250 and peaked at $69,608. The price even dipped as low as the $68,000 support zone.
Bitcoin’s price has surpassed the $69,500 mark and lies above the 100-hour Simple Moving Average. Currently, bullish activity is noticeable around the 50% Fibonacci retracement level of the upward trend that started from the $66,250 swing low and peaked at $69,608.
If there’s a new price surge, the BTC/USD pair may encounter obstacles around the $69,000 mark. Additionally, an ominous downtrend line emerges on the hourly chart, with resistance at $69,100. The first significant resistance level is at $69,500.
If we reach the next significant resistance level at $70,000, a strong push beyond this point could propel Bitcoin’s price further up. In such a scenario, we may see the price challenging the $71,200 resistance. Any additional gains could potentially take Bitcoin closer to the $72,000 resistance.
More Losses In BTC?
As a researcher studying the Bitcoin market, if it doesn’t manage to break through the resistance at $69,500, we might see further price declines. The nearest support lies around the $68,000 mark.
In simpler terms, the price of the asset initially finds significant backing at $67,500. A new potential support is emerging close to $67,000. If prices continue to drop, they could potentially push toward the $65,500 support area in the imminent future.
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 – $67,500, followed by $67,000.
Major Resistance Levels – $69,100, and $69,500.
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2024-05-27 04:34