Cryptocurrency

Bitcoin

Resistance

Bitcoin price extended its decline below the $68,000 level. BTC is now slowly moving lower toward the $66,250 support zone in the near term. 
<ul> 
 <li>Bitcoin extended its downside correction below the $68,000 zone.</li> 
 <li>The price is trading below $68,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move down unless there is a close above the $68,500 level.</li> 
</ul> 
<h2 id="bitcoin-price-dips-further">Bitcoin Price Dips Further</h2> 
Bitcoin price extended its downside correction below the $69,000 level. BTC bears were able to push the price below the $68,000 support. Finally, the price tested the $67,000 zone. 
A low has formed at $67,100 and the price is now consolidating losses. It recovered above the $67,5000 level and the 23.6% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low, with a bearish angle. 
Bitcoin is now trading below $68,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,000 level. There is also a key bearish trend line forming with resistance at $67,900 on the hourly chart of the BTC/USD pair. 
The first major resistance could be $68,800 or the 50% Fib retracement level of the downward wave from the $70,600 swing high to the $67,100 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c699da.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610533 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c699da.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c699da.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c699da.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c699da.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c699da.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c699da.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c699da.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_c699da.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $69,250. A clear move above the $69,250 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $72,600 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $68,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level. 
The first major support is $67,000. 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 – $67,100, followed by $66,250. 
Major Resistance Levels – $68,000, and $68,800.

Bitcoin Price Struggles: Can the Leading Cryptocurrency Start Fresh Increase?

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