Bitcoin

Resistance

Bitcoin price started a downside correction from the $71,650 resistance zone. BTC is now consolidating and might correct toward the $69,500 support. 
<ul> 
 <li>Bitcoin struggled above $71,500 and started a downside correction.</li> 
 <li>The price is trading above $70,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support at $70,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could decline further if there is a move below the $70,000 level.</li> 
</ul> 
<h2 id="bitcoin-price-starts-correction">Bitcoin Price Starts Correction</h2> 
Bitcoin price <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-climbs-70k/" target="_blank" rel="noopener ">extended its increase</a> above the $70,000 level. BTC was able to clear the $70,500 and $71,200 levels to move further into a positive zone. However, the bears were active near the $71,650 zone. 
A high was formed at $71,682 and the price started a downside correction. The price declined below the 23.6% Fib retracement level of the upward wave from the $67,285 swing low to the $71,682 high. There was also a break below a key bullish trend line with support at $70,650 on the hourly chart of the BTC/USD pair. 
The price tested the $70,200 support zone. Bitcoin is now trading above $70,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-green-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, the price is facing resistance near the $70,800 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_838a6f.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-611848 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_838a6f.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_838a6f.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_838a6f.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_838a6f.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_838a6f.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_838a6f.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_838a6f.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_838a6f.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance could be $71,200. The next key resistance could be $71,650. A clear move above the $71,650 resistance might send the price higher. In the stated case, the price could rise and test the $72,000 resistance. Any more gains might send BTC toward the $73,200 resistance. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to climb above the $71,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $70,200 level. 
The first major support is $70,000. The next support is now forming near $69,500 or the 50% Fib retracement level of the upward wave from the $67,285 swing low to the $71,682 high. Any more losses might send the price toward the $68,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $70,200, followed by $70,000. 
Major Resistance Levels – $71,200, and $71,650.

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