Bitcoin

Momentum

Resistance

Bitcoin price started a recovery wave from the $67,000 zone. BTC is now struggling to clear the $68,800 and $69,500 resistance levels. 
<ul> 
 <li>Bitcoin remained stable above the $67,000 zone and recovered higher.</li> 
 <li>The price is trading above $68,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $67,800 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 $68,800 level.</li> 
</ul> 
<h2 id="bitcoin-price-faces-resistance">Bitcoin Price Faces Resistance</h2> 
Bitcoin price extended its downside correction below the $68,000 level. BTC tested the $67,000 zone and recently started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggles-67k/" target="_blank" rel="noopener ">recovery wave</a>. The price traded as low as $67,099 before it climbed back above $68,000. 
There was a break above a key bearish trend line with resistance at $67,800 on the hourly chart of the BTC/USD pair. The pair climbed above the $68,500 and $69,000 levels. However, it faced resistance near the $69,500 level. A high was formed at $69,548 before the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-struggles-70k/" target="_blank" rel="noopener ">upside faded</a>. 
There was a drop below the $69,000 level. The price declined below the 50% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high. 
However, the bulls were active near $68,000 and the 61.8% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high. Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_8f6dfe.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-610736 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_8f6dfe.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_8f6dfe.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_8f6dfe.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_8f6dfe.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_8f6dfe.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_8f6dfe.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_8f6dfe.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_8f6dfe.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
On the upside, the price is facing resistance near the $68,500 level. The first major resistance could be $68,850. The next key resistance could be $69,500. A clear move above the $69,500 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 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 $68,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,000 level. 
The first major support is $67,400. The next support is now forming near $67,000. Any more losses might send the price toward the $66,250 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 above the 50 level. 
Major Support Levels – $68,000, followed by $67,000. 
Major Resistance Levels – $68,800, and $69,500.

Bitcoin’s Upside Momentum Fading: What’s Next for BTC?

Съдържание

NewsBTC

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