Bitcoin

Resistance

Bitcoin price extended losses and traded below $68,800 support. BTC is now consolidating and facing hurdles near the $70,000 resistance zone. 
<ul> 
 <li>Bitcoin extended its decline below the $68,800 support zone.</li> 
 <li>The price is trading below $69,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move done unless the bulls push it back above $70,000.</li> 
</ul> 
<h2 id="bitcoin-price-breaks-support">Bitcoin Price Breaks Support</h2> 
Bitcoin price started a downside correction below the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-support-68800/" target="_blank" rel="noopener ">$70,000 support zone</a>. BTC bears were able to push the price below major support at $68,800. It sparked bearish moves and the price dipped toward $66,250. 
A low was formed at $66,250 and the price is now consolidating losses. There was a minor increase above the $67,250 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. 
However, the bears are active near the $68,350 level and the 50% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. Bitcoin price is now trading below $69,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-dips-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
If there is a fresh increase, the price might face resistance near the $68,350 level. The first major resistance could be $68,800. There is also a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair. 
The next key resistance could be $70,000. A clear move above the $70,000 resistance might send the price higher. In the stated case, the price could rise and test the $70,500 resistance. <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_708899.png?resize=1024%2C449"><img loading="lazy" decoding="async" class="wp-image-609580 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_708899.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" srcset="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_708899.png?resize=1024%2C449?w=1950 1950w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_708899.png?resize=1024%2C449?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_708899.png?resize=1024%2C449?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_708899.png?resize=1024%2C449?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_708899.png?resize=1024%2C449?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_708899.png?resize=1024%2C449?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_708899.png?resize=1024%2C449?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
If the bulls push the price further higher, there could be a move toward the $71,200 resistance zone. Any more gains might send BTC toward the $71,800 resistance. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $69,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level. 
The first major support is $66,800. The next support is now forming near $66,250. 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 losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $67,250, followed by $66,250. 
Major Resistance Levels – $68,350, $68,800, and $70,000.

Bitcoin Price Dips Again: Market Fluctuation or Start of a Correction?

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