Bitcoin

Momentum

Resistance

Bitcoin price is slowly losing momentum and struggling below $70,000. BTC is now consolidating and facing hurdles near the $69,500 resistance zone. 
<ul> 
 <li>Bitcoin is facing many key hurdles near the $70,000 zone.</li> 
 <li>The price is trading above $69,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $69,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move down if it stays below the $70,000 zone.</li> 
</ul> 
<h2 id="bitcoin-price-stuck-below-70k">Bitcoin Price Stuck Below $70K</h2> 
Bitcoin price found support above the $66,000 level and started <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-68250/" target="_blank" rel="noopener ">another increase</a>. BTC was able to clear the $68,000 resistance zone. However, the bears were active near the $69,500 and $70,000 levels. 
A high was formed near $69,608 and the price is now correcting gains. There was a move below the 23.6% Fib retracement level of the upward move from the $66,250 swing low to the $69,608 high. It even tested the $68,000 support zone. 
The bulls are now active near the 50% Fib retracement level of the upward move from the $66,250 swing low to the $69,608 high. Bitcoin price is trading above $69,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-support-68800/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
If there is a fresh increase, the price might face resistance near the $69,000 level. There is also a key bearish trend line forming with resistance at $69,100 on the hourly chart of the BTC/USD pair. The first major resistance could be $69,500. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609947 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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 $71,200 resistance. Any more gains might send BTC toward the $72,000 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $69,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,000 level. 
The first major support is $67,500. The next support is now forming near $67,000. Any more losses might send the price toward the $65,500 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 – $67,500, followed by $67,000. 
Major Resistance Levels – $69,100, and $69,500.

Bitcoin Price Losing Steam: Market Momentum Slows Amid Trading Hesitation

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