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2024-05-29 00:57:53

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

Bitcoin price struggled to stay above $70,000 and corrected gains. BTC is now trading below $69,000 and showing a few bearish signs. 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 Bitcoin price started a downside correction after it failed to stay above the $70,000 support. BTC declined below the $69,200 and $68,500 support levels. The price even dipped below the $67,500 support. A low has formed at $67,243 and the price is now consolidating losses. It moved above the $68,000 level and the 23.6% Fib retracement level of the downward move from the $70,600 swing high to the $67,243 low. Bitcoin is now trading below $69,000 and the 100 hourly Simple moving average. However, there is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair. If there is a fresh increase, the price might face resistance near the $68,800 level. The first major resistance could be $69,000 or the 50% Fib retracement level of the downward move from the $70,600 swing high to the $67,243 low. The next key resistance could be $69,550. A clear move above the $69,550 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 resistance. Any more gains might send BTC toward the $72,000 resistance. More Losses In BTC? If Bitcoin fails to climb above the $69,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,650 level and the trend line. The first major support is $67,500. 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 above the 50 level. Major Support Levels – $67,500, followed by $66,250. Major Resistance Levels – $69,000, and $70,600.