Bitcoin

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Resistance

Bitcoin price started a downside correction below the $70,000 level. BTC is now testing the $68,800 support and might attempt a fresh increase. 
<ul> 
 <li>Bitcoin extended its decline below the $70,000 support zone.</li> 
 <li>The price is trading above $68,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $70,000 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 close below $68,800.</li> 
</ul> 
<h2 id="bitcoin-price-revisits-support">Bitcoin Price Revisits Support</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-dips-70k/" target="_blank" rel="noopener ">downside correction</a> after it struggled above the $71,500 level. A new weekly high was formed at $71,896 and the price recently started a downside correction. 
The price declined below the $70,000 level and tested the 50% Fib retracement level of the upward wave from the $66,046 swing low to the $71,896 high. There was also a spike below the $68,800 support zone. The bulls are currently active near the $68,800 zone. 
Bitcoin price is now trading above $68,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-soars-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. The price is now facing resistance near the $69,650 level. The first major resistance could be $70,000. There is also a connecting bearish trend line forming with resistance at $70,000 on the hourly chart of the BTC/USD pair. 
The next key resistance could be $70,500. A clear move above the $70,500 resistance might send the price higher. In the stated case, the price could rise and test the $71,200 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_d919aa.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609382 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_d919aa.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_d919aa.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_d919aa.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_d919aa.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_d919aa.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_d919aa.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_d919aa.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_d919aa.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 $71,800 resistance zone. Any more gains might send BTC toward the $72,500 resistance. 
<h2 id="downside-break-in-btc">Downside Break In BTC?</h2> 
If Bitcoin fails to climb above the $70,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $69,000 level. 
The first major support is $68,800. The next support is now forming near $67,420 or the 76.4% Fib retracement level of the upward wave from the $66,046 swing low to the $71,896 high. Any more losses might send the price toward the $66,000 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 below the 50 level. 
Major Support Levels – $69,000, followed by $68,800. 
Major Resistance Levels – $70,000, $70,500, and $71,200.

Bitcoin Price Hits Crucial Support: Will Bulls Ignite a Fresh Increase?

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