As a researcher with some experience in the cryptocurrency market, I’ve observed Bitcoin’s price action closely over the past few days. Based on my analysis of the current trend, I believe that Bitcoin is currently facing resistance around the $68,800 and $69,500 levels.
The price of Bitcoin rebounded from its dip at around $67,000. However, it’s facing challenges in surpassing the hurdles at $68,800 and $69,500.
- Bitcoin remained stable above the $67,000 zone and recovered higher.
The price is trading above $68,000 and the 100 hourly Simple moving average.
There was a break above a key bearish trend line with resistance at $67,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could gain bullish momentum if it settles above the $68,800 level.
Bitcoin Price Faces Resistance
The price of Bitcoin dipped below the $68,000 mark in its recent correction, touching the $67,000 region. However, it has since begun to rebound and is currently trading above this level again, having reached a low of $67,099 earlier.
On the hourly chart of the BTC/USD pair, the trendline that had acted as strong resistance since $67,800 gave way, leading to a price increase. The pair surpassed the $68,500 and $69,000 thresholds. However, it encountered resistance just below the $69,500 mark. A new peak of $69,548 was reached before the upward momentum weakened.
As a researcher studying financial markets, I observed that the price dipped below the $69,000 mark, falling beneath the 50% Fibonacci retracement level of the bullish trend that extended from the swing low at $67,099 to the peak at $69,548.
Bitcoin’s price saw significant activity among bulls around the $68,000 mark and the 61.8% Fibonacci retracement level of its upward trend from $67,099 to $69,548. Currently, Bitcoin trades above $68,000 and the 100-hour Simple Moving Average.
The good news is that the price is encountering resistance around the $68,500 mark. The initial resistance level lies at $68,850, and the next significant one is at $69,500. If the price manages to surmount the $69,500 resistance, it may push higher still, potentially reaching the $70,600 resistance. Any further growth could propel Bitcoin towards the $72,600 resistance.
More Losses In BTC?
If Bitcoin doesn’t manage to break through the $68,800 ceiling, there’s a good chance it may descend further. The nearest support can be found around the $68,000 mark.
In simpler terms, the price of the asset has found strong resistance at $67,400 for the first time. A new support level is emerging around $67,000. If the price continues to drop, it could potentially head towards the $66,250 area as the next line of defense in the immediate future.
Technical indicators:
Hourly MACD – The MACD is now gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $68,000, followed by $67,000.
Major Resistance Levels – $68,800, and $69,500.
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2024-05-31 04:16