Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-drops-below-70000" data-wpel-link="internal">Bitcoin Price Drops Below $70,000</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoin-price-fluctuates-amid-high-trading-volumes-and-etf-activity" data-wpel-link="internal">Bitcoin</a>‘s price has fallen below the $70,000 mark, causing concern among <a href="https://finance.coin-turk.com/" rel="nofollow noopener" target="_blank" data-wpel-link="exclude">investors</a>. The digital currency is currently testing the $68,800 support level, a critical threshold that could determine its near-term trajectory. If Bitcoin holds above this support, a potential rebound may be on the horizon. However, breaching this level might trigger a significant downward trend, adding further pressure on the market.</p> 
<h2 id="struggles-to-maintain-70-000-level">Struggles to Maintain $70,000 Level</h2> 
<p style="text-align: justify">In recent days, Bitcoin faced challenges staying above $71,500. After peaking at $71,896, it entered a correction phase, putting the $68,800 support zone in the spotlight. Bulls are actively defending this level, attempting to drive the price upward.</p> 
<p style="text-align: justify">Currently trading above $69,000, Bitcoin encounters notable resistance at $69,650. The first major resistance is at $70,000, where the BTC/USD pair’s hourly chart shows a downtrend line forming. Surpassing this line could push Bitcoin to test resistance at $70,500, potentially leading to further gains towards $71,200 and beyond.</p> 
<h2 id="could-bitcoin-see-a-downward-break">Could Bitcoin See a Downward Break?</h2> 
<p style="text-align: justify">Should Bitcoin close below the $68,800 support, it may accelerate its downtrend. Failure to hold this level could trigger panic among investors and increase selling pressure, potentially causing Bitcoin to retreat to $66,000.</p> 
<p style="text-align: justify">The nearest support point in case of a downward move is at $69,000, a critical level from where the recent upward movement began. If broken, the next significant support is at $68,800. Further down, crucial supports are at $67,420 and $66,046. Falling below these levels could lead to more losses towards the $66,000 support zone.</p> 
<h2 id="key-indicators-to-watch">Key Indicators to Watch</h2> 
<p style="text-align: justify">Investors should keep an eye on technical indicators:</p> 
<ul> 
 <li>The MACD on the hourly chart is losing momentum in the bearish zone, suggesting continued downward movement.</li> 
 <li>The RSI for the BTC/USD pair is below 50, indicating stronger sellers and a bearish market trend.</li> 
</ul> 
<p style="text-align: justify">Analyzing these indicators can provide valuable insights into potential turning points and momentum shifts in Bitcoin’s price movement.</p> 
<p style="text-align: justify">In conclusion, Bitcoin’s price trajectory heavily relies on whether it can maintain support above $68,800. Market participants are advised to monitor these levels closely to anticipate potential market shifts.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-drops-below-70000" data-wpel-link="internal">Bitcoin Price Drops Below $70,000</a></h5>

Bitcoin Price Drops Below $70,000

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