Bitcoin Price Struggles: Can the Leading Cryptocurrency Start Fresh Increase?

As a researcher with extensive experience in cryptocurrency markets, I’ve closely monitored the recent decline of Bitcoin (BTC) below the $69,000 level. The bearish trend has continued as BTC tested the critical support zone at $67,000.

I’ve noticed that Bitcoin‘s price has continued to drop and is currently sliding beneath the $68,000 mark. In the short term, it appears to be heading towards the support area around $66,250.

    Bitcoin extended its downside correction below the $68,000 zone.
    The price is trading below $68,500 and the 100 hourly Simple moving average.
    There is a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could continue to move down unless there is a close above the $68,500 level.

Bitcoin Price Dips Further

The price of Bitcoin dipped below the $69,000 mark, a correction driven by bearish forces. These forces managed to break through the support at $68,000 and pushed the price down to test the $67,000 region.

At a price of $67,100, a trough has emerged and the market is currently regrouping after incurring losses. The price subsequently bounced back above $67,500 and surpassed the 23.6% Fibonacci retracement level – a bearish indicator – of the downward trend that started from the $70,600 peak and ended at the $67,100 bottom.

The current price of Bitcoin hovers around $68,500 and falls below its 100-hour moving average. On the positive side, Bitcoin’s price encounters resistance at approximately $68,000. Furthermore, a significant bearish trend line is emerging on the hourly chart for BTC/USD, with resistance at around $67,900.

As a researcher studying price movements in the market, I would identify the first significant resistance level around $68,800 or the 50% Fibonacci retracement mark of the downward wave that extended from the swing high at $70,600 to the low at $67,100.

Bitcoin Price Struggles: Can the Leading Cryptocurrency Start Fresh Increase?

If we reach the potential resistance level of $69,250 in the Bitcoin market, a strong push beyond this point could lead to further price increases. In such a scenario, the price may advance and challenge the next resistance at $70,000. If this hurdle is surpassed, we might observe additional gains, potentially pushing the price towards the resistance level of $72,600.

More Losses In BTC?

As a market analyst, if Bitcoin fails to surpass the $68,000 resistance point, it may instead head towards a potential decline. A noteworthy support lies around the $67,250 region should this downward trend materialize.

Initially, the significant resistance lies at $67,000. The emerging support is approaching $66,250. If there are further declines, the price may head towards the nearby support area of $65,000 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 above the 50 level.

Major Support Levels – $67,100, followed by $66,250.

Major Resistance Levels – $68,000, and $68,800.

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2024-05-30 04:16