Bitcoin Price Struggles to Reclaim $70K: Will the Bulls Prevail?

As an experienced analyst, I have seen Bitcoin’s price volatility many times before. The recent correction below the $70,000 support is a common occurrence in the cryptocurrency market. Bitcoin extended its downside correction below the $69,200 and $68,500 support levels, even dipping below the crucial $67,500 level.

As a researcher studying the Bitcoin market, I’ve observed that the price of Bitcoin had a tough time remaining above the $70,000 mark and experienced corrections as a result. Currently, Bitcoin is trading below $69,000, exhibiting some bearish tendencies.

    Bitcoin extended its downside correction below the $69,000 zone.
    The price is trading below $69,000 and the 100 hourly Simple moving average.
    There is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    The pair could start another increase unless there is a move below the $67,500 support.

Bitcoin Price Revisits Support

As a crypto investor, I’ve noticed that the bitcoin price began to correct downwards after it was unable to hold its position above the crucial support level of $70,000. Subsequently, the price slipped below the subsequent supports at $69,200 and $68,500.

The cost fell below the $67,500 mark, establishing a new low at $67,243. Currently, the price is regrouping after this decline, having surpassed the $68,000 threshold and the 23.6% Fibonacci retracement level derived from the downtrend that started at the $70,600 peak and concluded at the $67,243 trough.

As an analyst, I’ve noticed that Bitcoin’s current trading price is hovering around $68,000, which is below both its value and the 100-hour Simple Moving Average (SMA). However, a significant bullish trend line has emerged on the hourly chart of the BTC/USD pair. This trend line offers support at a price level of $67,600.

As an analyst, if I observe a new price hike, I would anticipate encountering resistance around the $68,800 mark. The initial resistance could take the form of the $69,000 level or the 50% Fibonacci retracement level stemming from the price swing high at $70,600 to the low at $67,243.

Bitcoin Price Struggles to Reclaim $70K: Will the Bulls Prevail?

As a crypto investor, I believe the next significant hurdle for Bitcoin’s price lies at $69,550. Overcoming this resistance could potentially push the price even higher. If we manage to break through $69,550, we might see the price climbing further and encountering the resistance at $70,600. Should Bitcoin continue its upward trend beyond that point, we could be looking at a challenge against the $72,000 resistance.

More Losses In BTC?

If Bitcoin doesn’t manage to surpass the $69,000 barrier, it may instead head lower. The nearest support lies around $67,650 and the trendline.

Supporting prices significantly, the initial level lies at $67,500. The subsequent level is presently taking shape around $66,250. Should further declines occur, the price may head towards the nearby support region 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 – $67,500, followed by $66,250.

Major Resistance Levels – $69,000, and $70,600.

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2024-05-29 03:58