As a researcher with extensive experience in cryptocurrency markets, I’ve closely monitored Bitcoin’s (BTC) price action over the past few days. Based on my analysis, the recent decline below the critical support zone at $70,000 was a significant setback for bulls. However, BTC found support near $68,500 and started recovering.
As a researcher studying Bitcoin‘s price movements, I’ve observed that the cryptocurrency has managed to hold above the critical support level of $68,500. Currently, Bitcoin is in a consolidation phase and could potentially target a new rise surpassing the resistance at $70,150.
- Bitcoin found support near $68,500 and started a decent recovery wave.
The price is trading below $70,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could decline again if there is no move above the $70,150 resistance.
Bitcoin Price Faces Resistance
The price of Bitcoin dipped beneath the $70,000 mark, hitting a low of $68,409 before bulls stepped in around $68,500. Now, Bitcoin is making an effort to rebound.
I analyzed the price action and noticed it surpassed the $69,250 resistance mark. This advancement also exceeded the 23.6% Fibonacci retracement level of the decline from the $71,900 peak to the $68,409 trough.
As a researcher studying the Bitcoin market, I’ve noticed that the cryptocurrency is currently trading beneath the $70,000 mark and below its 100-hour Simple Moving Average (SMA). However, an intriguing development has emerged on the hourly chart of the BTC/USD pair: a significant bullish trend line is forming with support at around $69,500. Although the resistance level remains strong near $70,000, this emerging trend line could potentially provide some support to Bitcoin’s price and influence its future direction.
As an analyst, I’d identify the first significant barrier to Bitcoin’s (BTC) upward momentum around the $70,150 mark and the 50% Fibonacci retracement level derived from the price swing between the high of $71,900 and the low of $68,409. Following this potential resistance, a key level to keep an eye on is at $70,550. A decisive break above this level might trigger further gains, potentially pushing BTC towards testing the $71,200 resistance. Any additional advancements could bring us closer to the $72,000 resistance.
Another Decline In BTC?
If Bitcoin doesn’t manage to surpass the $70,150 barrier, there’s a risk it might initiate another drop. The nearest support lies around $69,500 and the trendline.
As an analyst, I’d interpret the current market situation as follows: My initial analysis indicates that the first significant level of support is situated around $69,150. At present, a new potential support is emerging close to the price mark of $68,500. If the downward trend persists, the price could potentially drop into the near-term support zone around $67,500.
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 above the 50 level.
Major Support Levels – $69,500, followed by $68,500.
Major Resistance Levels – $70,150, and $70,500.
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2024-06-10 15:53