Bitcoin Price Dips Again: Market Fluctuation or Start of a Correction?
May 23 2024 - 8:23PM
NEWSBTC
Bitcoin price extended losses and traded below $68,800 support. BTC
is now consolidating and facing hurdles near the $70,000 resistance
zone. Bitcoin extended its decline below the $68,800 support zone.
The price is trading below $69,000 and the 100 hourly Simple moving
average. There is a key bearish trend line forming with resistance
at $69,200 on the hourly chart of the BTC/USD pair (data feed from
Kraken). The pair could continue to move done unless the bulls push
it back above $70,000. Bitcoin Price Breaks Support Bitcoin price
started a downside correction below the $70,000 support zone. BTC
bears were able to push the price below major support at $68,800.
It sparked bearish moves and the price dipped toward $66,250. A low
was formed at $66,250 and the price is now consolidating losses.
There was a minor increase above the $67,250 level. The price
climbed above the 23.6% Fib retracement level of the downward move
from the $70,500 swing high to the $66,250 low. However, the bears
are active near the $68,350 level and the 50% Fib retracement level
of the downward move from the $70,500 swing high to the $66,250
low. Bitcoin price is now trading below $69,000 and the 100 hourly
Simple moving average. If there is a fresh increase, the price
might face resistance near the $68,350 level. The first major
resistance could be $68,800. There is also a key bearish trend line
forming with resistance at $69,200 on the hourly chart of the
BTC/USD pair. The next key resistance could be $70,000. A clear
move above the $70,000 resistance might send the price higher. In
the stated case, the price could rise and test the $70,500
resistance. If the bulls push the price further higher, there could
be a move toward the $71,200 resistance zone. Any more gains might
send BTC toward the $71,800 resistance. More Losses In BTC? If
Bitcoin fails to climb above the $69,800 resistance zone, it could
continue to move down. Immediate support on the downside is near
the $67,250 level. The first major support is $66,800. The next
support is now forming near $66,250. Any more losses might send the
price toward the $65,000 support zone in the near 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 below the 50 level. Major Support Levels – $67,250,
followed by $66,250. Major Resistance Levels – $68,350, $68,800,
and $70,000.
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