As a seasoned crypto investor with over five years of experience in the digital currency market, I have witnessed numerous ups and downs in Bitcoin’s price journey. The recent correction from the $70,000 resistance is just another chapter in this rollercoaster ride.
The price of Bitcoin began to decline after hitting a resistance at around $70,000. If Bitcoin falls below the $66,000 mark, its downtrend may continue.
- Bitcoin struggled near $70,000 and started a downside correction.
The price is trading below $68,500 and the 100 hourly Simple moving average.
There was a break below a key bullish trend line with support at $68,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might extend losses if it fails to stay above the $66,000 support zone.
Bitcoin Price Dips Again From $70,000
1) The value of Bitcoin surpassed the $68,500 barrier, marking an increase in price. In fact, it approached the significant $70,000 threshold as well. Yet, it couldn’t sustain its position around that level and initiated a decline.
I’ve noticed a significant price drop below the $68,500 and $68,000 support levels on the Bitcoin to US Dollar chart (BTC/USD). Moreover, there was a breach of a crucial bullish trend line, which previously offered support at $68,620. The pair continued its downward momentum, falling even below the $66,500 support zone.
1) The significant level of $66,000 was put to the test, as a new low was established at $66,063. Currently, the Bitcoin market is experiencing a period of consolidation due to price drops. At present, the Bitcoin price lies beneath the $68,500 mark and also below its 100-hour Simple Moving Average.
The good news is that the cost may encounter obstacles around the $67,000 mark. The initial barrier lies at approximately $67,200 or the 23.6% Fibonacci retracement point of the decline from the peak of $69,985 to the trough of $66,036. Overcoming this hurdle could propel the cost upwards in the approaching days.
The next key resistance could be $68,000 or the 50% Fib retracement level of the downward move from the $69,985 swing high to the $66,036 low. The next major hurdle sits at $68,500. A close above the $68,500 resistance might spark bullish moves. In the stated case, the price could rise and test the $70,000 resistance.
More Losses In BTC?
Should Bitcoin be unable to surge past the $67,200 barrier of resistance, a potential drop may ensue. The nearest point of support lies around the $66,000 mark.
As a researcher studying the financial market trends, I’ve identified a significant support level at $65,500. Currently, we’re seeing the price hovering around $65,000, with the next potential support area approaching. If the downward trend persists, the price may dip towards the $63,500 zone in the short 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 – $66,000, followed by $65,500.
Major Resistance Levels – $67,200, and $68,000.
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2024-07-30 05:46