Convergence

Strong

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-unexpected-downward-correction-after-strong-performance/" data-wpel-link="internal">Bitcoin Faces Unexpected Downward Correction After Strong Performance</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/spot-bitcoin-etfs-begin-trading-in-us-stock-markets/" data-wpel-link="internal">Bitcoin</a></strong>, after climbing towards the $68,000 level with its recent strong performance, initiated an unexpected downward correction. This move created a wave of concern among <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a>, drawing attention back to market dynamics. However, BTC seems to be recovering again. So, what should investors expect at this stage?</p> 
<h2 style="text-align: justify" id="bitcoin-price-at-66-700">Bitcoin Price at $66,700</h2> 
<p style="text-align: justify">Bitcoin price, after remaining stable above the $67,000 level, surpassed the $67,200 and $67,500 resistance levels, reaching a new weekly high of $67,984. However, unable to hold at this level, BTC soon initiated a downward correction, drawing attention.</p> 
<p style="text-align: justify">According to technical analyses, the BTC/USD pair experienced a break below the ascending trend line, which merged with the $65,900 support on the hourly chart. This break created concern among investors, causing the price to fall below the $66,500 support area. Bitcoin is currently trading below $67,000.</p> 
<h2 style="text-align: justify" id="movement-towards-68-000-can-be-expected">Movement Towards $68,000 Can Be Expected</h2> 
<p style="text-align: justify">The first major resistance level for Bitcoin is noted at $66,950. If Bitcoin makes a clear move above $67,500, it is likely to gain upward momentum again and test the $68,000 resistance.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-353310 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/BTCUSD.png" alt="" width="1815" height="798"></p> 
<p style="text-align: justify">If the bulls can sustain this move, the Bitcoin price could rise towards the $68,800 resistance area and potentially move towards the $70,000 barrier with further gains.</p> 
<h2 style="text-align: justify" id="critical-support-levels-for-bitcoin">Critical Support Levels for Bitcoin</h2> 
<p style="text-align: justify">Bitcoin has an immediate support at the $66,000 level. This level is also close to the trend line. If this support breaks, BTC could retreat to the $65,500 level. However, the main support to watch is around $64,500. In case of greater selling pressure in the market, the possibility of Bitcoin heading towards the $63,150 support area should not be overlooked.</p> 
<p style="text-align: justify">Technical indicators also support this downside possibility. The four-hour MACD (Moving Average Convergence Divergence) indicator, although in the bullish zone, is losing speed. This indicates that buyers are weakening and sellers might step in. Similarly, the four-hour RSI (Relative Strength Index) is also below the 50 level. The RSI at this level indicates that the market is under the control of sellers rather than being neutral.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-unexpected-downward-correction-after-strong-performance/" data-wpel-link="internal">Bitcoin Faces Unexpected Downward Correction After Strong Performance</a></h5>

Bitcoin Faces Unexpected Downward Correction After Strong Performance

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