Bitcoin

Momentum

Resistance

Gains

Bitcoin price started a downside correction from the $72,000 zone. BTC is now consolidating near $70,000 and might eye another increase in the near term. 
<ul> 
 <li>Bitcoin struggled above the $71,800 resistance zone.</li> 
 <li>The price is trading above $69,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could start another increase unless there is a move below $68,800.</li> 
</ul> 
<h2 id="bitcoin-price-corrects-gains">Bitcoin Price Corrects Gains</h2> 
Bitcoin price gained pace for a move above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-soars-70k/" target="_blank" rel="noopener ">$70,000 level</a>. BTC even spiked above $71,200 before the bears appeared near $72,000. A new weekly high was formed at $71,896 and the price recently started a downside correction. 
The price declined below the $71,000 level and the 23.6% Fib retracement level of the upward wave from the $66,047 swing low to the $71,896 high. 
However, the bulls are active above the $68,800 support zone. Bitcoin also trades above $69,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-66k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Besides, there is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair. 
The price is now facing resistance near the $70,500 level. The first major resistance could be $71,200. The next key resistance could be $71,850. A clear move above the $71,850 resistance might send the price higher. In the stated case, the price could rise and test the $72,500 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_070032.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609205 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_070032.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_070032.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_070032.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_070032.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_070032.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_070032.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_070032.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_070032.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If the bulls push the price further higher, there could be a move toward the $73,200 resistance zone. Any more gains might send BTC toward the $74,500 resistance. 
<h2 id="are-dips-supported-in-btc">Are Dips Supported In BTC?</h2> 
If Bitcoin fails to climb above the $71,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $69,200 level and the trend line. 
The first major support is $69,000. The main support is now forming near $68,800 or the 50% Fib retracement level of the upward wave from the $66,047 swing low to the $71,896 high. Any more losses might send the price toward the $67,300 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 above the 50 level. 
Major Support Levels – $69,200, followed by $68,800. 
Major Resistance Levels – $70,500, $71,200, and $71,800.

Bitcoin Dips but Holds Strong: Bullish Momentum Intact

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