Bitcoin

Resistance

Bitcoin price extended its increase above the $67,500 resistance. BTC tested the $68,000 resistance and is currently correcting gains. 
<ul> 
 <li>Bitcoin started a downside correction after it climbed toward the $68,000 resistance zone.</li> 
 <li>The price is trading below $67,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a connecting bullish trend line with support at $65,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start another increase unless the bears push it below $65,900.</li> 
</ul> 
<h2 id="bitcoin-price-starts-downside-correction">Bitcoin Price Starts Downside Correction</h2> 
Bitcoin price remained stable above the $66,500 level. BTC <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-65k-3/" target="_blank" rel="noopener ">extended its increase</a> above the $67,200 and $67,500 resistance levels. It traded to a new weekly high at $67,984 and recently started a downside correction. 
There was a move below the $67,000 support zone. Besides, there was a break below a connecting bullish trend line with support at $65,900 on the hourly chart of the BTC/USD pair. The pair even dipped below the $66,500 support zone. 
Bitcoin price is now trading below $67,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-breaks-free-63500/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. A low was formed at $65,922 and the price is now attempting a fresh increase. 
There was a move above the $66,200 level. The price climbed above the 23.6% Fib retracement level of the downside correction from the $67,984 swing high to the $65,922 low. The price is now facing resistance near the $66,500 level and the 100 hourly Simple moving average. 
The first major resistance could be $66,950. It is near the 50% Fib retracement level of the downside correction from the $67,984 swing high to the $65,922 low. The next key resistance could be $67,500. A clear move above the $67,500 resistance might send the price higher. In the stated case, the price could rise and test the $68,000 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_32957d.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-608849 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_32957d.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_32957d.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_32957d.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_32957d.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_32957d.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_32957d.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_32957d.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_32957d.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If the bulls remain in action, the price could rise toward the $68,800 resistance zone. Any more gains might send BTC toward the $70,000 barrier. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to climb above the $66,500 resistance zone, it could continue to move down. Immediate support on the downside is near the $66,000 level and the trend line. 
The first major support is $65,500. The main support is now forming near $64,500. Any more losses might send the price toward the $63,150 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $65,900, followed by $65,500. 
Major Resistance Levels – $66,500, $67,000, and $67,500.

Bitcoin Price Dips Yet Stays Positive: Market Sentiment Remains Upbeat

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