As an experienced analyst, I have seen the volatile nature of Bitcoin’s price movements many times. The recent surge above $70,000 was a promising sign, but the subsequent bearish reaction after the Fed’s rate decision was not unexpected.
The price of Bitcoin surged past the $68,500 mark with considerable strength. It went on to challenge the $70,000 level, but following the Federal Reserve’s announcement, a significant bearish trend emerged.
- Bitcoin started another decline from the $70,000 resistance zone.
The price is trading below $68,550 and the 100 hourly Simple moving average.
There is a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could recover but the upsides might be limited above the $68,550 level.
Bitcoin Price Dips Again
The price of Bitcoin consistently rose above the $68,500 barrier for significant growth. It even surpassed the $69,200 threshold. However, following the Federal Reserve’s decision to maintain interest rates at 5.5%, there was a notable downturn in Bitcoin’s value.
The cost dropped beneath the $68,800 and $68,500 thresholds, touching the $67,200 region. A new low was reached at $67,148, and currently, the price is regrouping around the 23.6% Fibonacci retracement mark of the decline from the peak of $69,969 to the trough at $67,148.
As an analyst, I observe that Bitcoin’s current trading price is beneath the $68,800 mark and the 100-hour Simple Moving Average on the BTC/USD pair’s hourly chart. Furthermore, a bullish trend line is forming, providing support at approximately $67,500. On the upward trajectory, the price encounters resistance around the $68,250 level. The first significant resistance lies near $68,550 and coincides with the 50% Fibonacci retracement level following the downward trend from the peak of $69,969 to the trough at $67,148.
As a researcher studying the price movements of Bitcoin (BTC), I’ve identified a potential resistance level at $69,200. If the price breaks through this barrier and moves significantly higher, we could see further gains, potentially reaching the $70,000 resistance. Any additional upward momentum might push BTC closer to the near-term resistance at $71,200.
More Losses In BTC?
As a researcher studying the Bitcoin market, I’ve observed that if Bitcoin is unable to surpass the $68,550 resistance point, it may trigger another price drop. Should this occur, a noteworthy support zone can be found around the $67,200 level.
As an analyst, I’d interpret the current market situation as follows: My initial assessment places the first significant level of support around $67,000. Recently, however, a new potential support area has emerged near $66,000. Should prices continue to decline, they could potentially test the next support zone at $65,500 in the short 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 – $67,000, followed by $66,000.
Major Resistance Levels – $68,550, and $69,200.
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2024-06-13 06:44