Bitcoin

Resistance

Gains

Bitcoin price failed to settle above the $72,000 resistance. BTC corrected gains and now moving lower toward the $67,500 support zone. 
<ul> 
 <li>Bitcoin struggled to clear the $72,000 and $72,500 resistance levels.</li> 
 <li>The price is trading below $70,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a major bullish trend line with support near $70,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move down if it breaks the $68,500 support level.</li> 
</ul> 
<h2 id="bitcoin-price-trims-gains">Bitcoin Price Trims Gains</h2> 
Bitcoin price saw a decent increase above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-resumes-upside-why-btc-could-soon-hit-new-ath/" target="_blank" rel="noopener ">$70,000 resistance zone</a>. BTC even cleared the $71,200 and $72,000 resistance levels, but upsides were limited. 
The bears appeared near the $72,500 zone. A high was formed near the $72,609 level and the price struggled to settle above the $72,000 level. There was a fresh bearish reaction below the $71,200 level. The price declined below the 50% Fib retracement level of the upward move from the $68,955 swing low to the $72,609 high. 
There was a break below a major bullish trend line with support near $70,400 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $70,000 and the 100 hourly Simple moving average. 
The bulls are now protecting the $68,500 support and the 61.8% Fib retracement level of the upward move from the $68,955 swing low to the $72,609 high. Immediate resistance is near the $69,500 level and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-correction-68800/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
The first major resistance could be $70,000. The next resistance now sits at $71,200. If there is a clear move above the $71,200 resistance zone, the price could start a fresh increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_8902ec.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-602372" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_8902ec.png?resize=1024%2C461" alt="Bitcoin Price " width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_8902ec.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_8902ec.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_8902ec.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_8902ec.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_8902ec.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_8902ec.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_8902ec.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
In the stated case, the price could rise toward $72,000. The next major resistance is near the $72,500 zone. Any more gains might send Bitcoin toward the $73,500 resistance zone in the near term. 
<h2 id="more-downsides-in-btc">More Downsides In BTC?</h2> 
If Bitcoin fails to rise above the $70,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,500 level. 
The first major support is $67,500. If there is a close below $67,500, the price could start a drop toward the $66,000 level. Any more losses might send the price toward the $65,000 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 – $68,500, followed by $67,500. 
Major Resistance Levels – $69,500, $70,000, and $71,200.

Bitcoin Price Fails Again, Is This A Fresh Bearish Signal?

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Alte articole publicate pe 10 apr. 2024

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