Bitcoin

Resistance

Bitcoin price failed to stay above the $68,500 support zone. BTC extended losses and now showing bearish signs below the $68,800 level. 
<ul> 
 <li>Bitcoin started another decline from the $70,150 resistance zone.</li> 
 <li>The price is trading below $68,800 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could further if there is a clear move below the $68,000 level.</li> 
</ul> 
<h2 id="bitcoin-price-dips-again">Bitcoin Price Dips Again</h2> 
Bitcoin price attempted another increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-resurgence-70k/" target="_blank" rel="noopener ">$69,500 resistance zone</a>. BTC even broke the $70,000 resistance zone but it failed to extend gains. A high was formed at $70,142 before there was a fresh decline. 
The price declined below the $69,500 and $68,500 support levels. A low was formed at $67,920 and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low. 
Bitcoin is now trading below $69,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-dips-again-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. On the upside, the price is facing resistance near the $68,800 level. The first major resistance could be $69,000 and the 50% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_5e414d.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-612369 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_5e414d.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_5e414d.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_5e414d.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_5e414d.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_5e414d.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_5e414d.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_5e414d.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_5e414d.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $69,500. There is also a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair. A clear move above the $69,500 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 $71,200 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $69,500 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level. 
The first major support is $67,650. The next support is now forming near $67,500. Any more losses might send the price toward the $66,400 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $68,000, followed by $67,500. 
Major Resistance Levels – $69,000, and $69,500.

Bitcoin Price Falters: Another Downturn In Crypto Prices

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