Bitcoin

Resistance

Bitcoin price struggled to stay above $70,000 and corrected gains. BTC is now trading below $69,000 and showing a few bearish signs. 
<ul> 
 <li>Bitcoin extended its downside correction below the $69,000 zone.</li> 
 <li>The price is trading below $69,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $67,600 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 the $67,500 support.</li> 
</ul> 
<h2 id="bitcoin-price-revisits-support">Bitcoin Price Revisits Support</h2> 
Bitcoin price started a downside correction after it failed to stay above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-higher-70k/" target="_blank" rel="noopener ">$70,000 support</a>. BTC declined below the $69,200 and $68,500 support levels. 
The price even dipped below the $67,500 support. A low has formed at $67,243 and the price is now consolidating losses. It moved above the $68,000 level and the 23.6% Fib retracement level of the downward move from the $70,600 swing high to the &nbsp;&nbsp;&nbsp; $67,243 low. 
Bitcoin is now trading below $69,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-steam-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. However, there is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair. 
If there is a fresh increase, the price might face resistance near the $68,800 level. The first major resistance could be $69,000 or the 50% Fib retracement level of the downward move from the $70,600 swing high to the &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67,243 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_379860.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610316 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_379860.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_379860.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_379860.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_379860.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_379860.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_379860.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_379860.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_379860.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $69,550. A clear move above the $69,550 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 resistance. Any more gains might send BTC toward the $72,000 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $69,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,650 level and the trend line. 
The first major support is $67,500. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 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 above the 50 level. 
Major Support Levels – $67,500, followed by $66,250. 
Major Resistance Levels – $69,000, and $70,600.

Bitcoin Price Struggles to Reclaim $70K: Will the Bulls Prevail?

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