bullish

Bitcoin

Resistance

Bitcoin price started a downside correction from the $70,000 resistance. BTC is now correcting gains and might extend losses if it trades below $66,000. 
<ul> 
 <li>Bitcoin struggled near $70,000 and started a downside correction.</li> 
 <li>The price is trading below $68,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support at $68,620 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair might extend losses if it fails to stay above the $66,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-dips-again-from-70-000">Bitcoin Price Dips Again From $70,000</h2> 
Bitcoin price extended gains above the $68,500 resistance zone. BTC even spiked toward the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-pump-70k/" target="_blank" rel="noopener ">$70,000 resistance zone</a>. However, it failed to stay near $70,000 and started a downside correction. 
There was a move below the $68,500 and $68,000 support levels. Besides, there was a break below a key bullish trend line with support at $68,620 on the hourly chart of the BTC/USD pair. The pair even declined below the $66,500 support zone. 
It tested the $66,000 zone. A low is formed at $66,063 and the price is now consolidating losses. Bitcoin price is trading below $68,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-recovers-65k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
On the upside, the price could face resistance near the $67,000 level. The first key resistance is near the $67,200 level or the 23.6% Fib retracement level of the downward move from the $69,985 swing high to the $66,036 low. A clear move above the $67,200 resistance might send the price further higher in the coming sessions. <a href="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-632159 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/07/Bitcoin_df70c9.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
The next key resistance could be $68,000 or the 50% Fib retracement level of the downward move from the $69,985 swing high to the $66,036 low. The next major hurdle sits at $68,500. A close above the $68,500 resistance might spark bullish moves. In the stated case, the price could rise and test the $70,000 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to recover above the $67,200 resistance zone, it could start another decline. Immediate support on the downside is near the $66,000 level. 
The first major support is $65,500. The next support is now near $65,000. Any more losses might send the price toward the $63,500 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 – $66,000, followed by $65,500. 
Major Resistance Levels – $67,200, and $68,000.

Bitcoin Price Pulls Back: Will Bulls Conquer the Selling Pressure?

Table of Contents

NewsBTC

Egyéb ezen a dátumon (2024. júl. 30.) megosztott cikkek

Avacoin’s $AVACN Token Listing Live on Bitget, HTX, Bitmart & EBI

Shiba Inu Struggles To Get Consistent Gains Resulting In Investors Switching To Mpeppe (MPEPE)

Top Cryptocurrency for Quick 30x Gains in July 2024

WazirX Faces Community Uproar Over “Socialized Loss” Strategy After $230M Hack

Bitcoin to $428,000? James Lavish Says 1% Is Key

Meta platforms to pay $1.4 billion in Texas facial recognition settlement

Join our free newsletter for daily crypto updates!