Bitcoin

Resistance

Bitcoin price stayed above the $68,500 support zone. BTC is now consolidating and might aim for a fresh increase above the $70,150 resistance. 
<ul> 
 <li>Bitcoin found support near $68,500 and started a decent recovery wave.</li> 
 <li>The price is trading below $70,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could decline again if there is no move above the $70,150 resistance.</li> 
</ul> 
<h2 id="bitcoin-price-faces-resistance">Bitcoin Price Faces Resistance</h2> 
Bitcoin price extended its decline below the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-dips-again-70k/" target="_blank" rel="noopener ">$70,000 support zone</a>. BTC even declined below the $69,500 level before the bulls appeared near $68,500. A low was formed at $68,409 and the price is now attempting a recovery wave. 
There was a move above the $69,250 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $71,900 swing high to the $68,409 low. 
Bitcoin is now trading below $70,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-climbs-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. However, there is a key bullish trend line forming with support at $69,500 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $70,000 level. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_919d4d.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-612156 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_919d4d.png?resize=1024%2C461" alt="Bitcoin Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_919d4d.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_919d4d.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_919d4d.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_919d4d.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_919d4d.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_919d4d.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_919d4d.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The first major resistance could be $70,150 and the 50% Fib retracement level of the downward move from the $71,900 swing high to the $68,409 low. The next key resistance could be $70,550. A clear move above the $70,550 resistance might send the price higher. In the stated case, the price could rise and test the $71,200 resistance. Any more gains might send BTC toward the $72,000 resistance. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to climb above the $70,150 resistance zone, it could start another decline. Immediate support on the downside is near the $69,500 level and the trend line. 
The first major support is $69,150. The next support is now forming near $68,500. Any more losses might send the price toward the $67,500 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 – $69,500, followed by $68,500. 
Major Resistance Levels – $70,150, and $70,500.

Bitcoin Price Resurgence: Ready for Another Upswing?

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