Bitcoin

Resistance

Bitcoin price extended losses and declined below the $67,200 level. BTC found support near $66,650 and now consolidating in a range. 
<ul> 
 <li>Bitcoin spiked below $67,000 but the bulls are still in action.</li> 
 <li>The price is trading above $68,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key rising channel forming with resistance at $68,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if it settles above the $68,400 level.</li> 
</ul> 
<h2 id="bitcoin-price-stuck-below-70k">Bitcoin Price Stuck Below $70K</h2> 
Bitcoin price extended its decline below the $67,500 level. BTC tested the $66,650 zone and recently started a recovery wave. The price traded as low as $66,652 before it climbed back above $67,500. 
The bulls were able to push the price back above $68,000. It even spiked above the 50% Fib retracement level of the downward move from the $69,550 swing high to the $66,652 low. Bitcoin price is now trading above $68,000 and the 100 hourly Simple moving average. 
On the upside, the price is facing resistance near the $68,200 level. There is also a key rising channel forming with resistance at $68,200 on the hourly chart of the BTC/USD pair. 
The first major resistance could be $68,400 or the 61.8% Fib retracement level of the downward move from the $69,550 swing high to the $66,652 low. The next key resistance could be $68,800. A clear move above the $68,800 resistance might send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-611116 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
In the stated case, the price could rise and test the $69,500 resistance. Any more gains might send BTC toward the $70,600 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $68,400 resistance zone, it could start another decline. Immediate support on the downside is near the $67,500 level. 
The first major support is $67,200. The next support is now forming near $67,000. Any more losses might send the price toward the $66,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $67,500, followed by $67,000. 
Major Resistance Levels – $68,400, and $68,800.

Bitcoin Price Slips Lower: Slow Descent or Opportunity Ahead?

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