Bitcoin Price Slips Lower: Slow Descent or Opportunity Ahead?

As a seasoned crypto investor with a few years of experience under my belt, I’ve seen Bitcoin’s price volatility firsthand. The latest decline below $67,200 was a setback, but I remain optimistic. The fact that the price is trading above $68,000 and the 100 hourly Simple moving average is a positive sign.

The price of Bitcoin continued to slide, dropping beneath the $67,200 mark. It later found a support level at around $66,650 and has since stabilized, trading within a narrow range.

    Bitcoin spiked below $67,000 but the bulls are still in action.
    The price is trading above $68,000 and the 100 hourly Simple moving average.
    There is a key rising channel forming with resistance at $68,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could gain bullish momentum if it settles above the $68,400 level.

Bitcoin Price Stuck Below $70K

As a researcher studying Bitcoin’s price movements, I can share that the value of Bitcoin dipped below the $67,500 mark. It reached a low point of $66,652 before beginning to rebound and regain ground above the $67,500 level.

The bulls successfully drove the Bitcoin price back up past the $68,000 mark. It even surged beyond the 50% retracement level of the recent downward trend from its peak at $69,550 to its low at $66,652. Now, Bitcoin is being traded above $68,000 and the 100-hour Simple Moving Average.

The good news is that the Bitcoin price is encountering resistance around the $68,200 mark. Additionally, an important rising trendline can be observed in the hourly chart of the BTC/USD pair, which also acts as a resistance level at $68,200.

The first major resistance could be $68,400 or the 61.8% Fib retracement level of the downward move from the $69,550 swing high to the $66,652 low. The next key resistance could be $68,800. A clear move above the $68,800 resistance might send the price higher.

Bitcoin Price Slips Lower: Slow Descent or Opportunity Ahead?

If the price increases as mentioned, it may encounter resistance at the $69,500 level. Further growth could potentially push Bitcoin up towards the $70,600 resistance.

More Losses In BTC?

Should Bitcoin be unable to surpass the $68,400 barrier, there’s a risk of another price drop. The nearest support lies around the $67,500 mark.

In simpler terms, the price of the asset has a strong foundation at $67,200. Another supportive level is emerging around $67,000. If the price drops further, it could potentially slide towards the $66,500 region in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $67,500, followed by $67,000.

Major Resistance Levels – $68,400, and $68,800.

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2024-06-03 04:34