Bitcoin Price Rally Fades, Market Braces for Possible Downside
Analysis
Price Impact
MedThe article suggests that bitcoin's rally is fading and it might decline again, indicating a potential shift in market sentiment. however, it also outlines potential upside scenarios if key resistance levels are broken.
Trustworthiness
HighThe news source emphasizes its strict editorial policy, focus on accuracy and impartiality, and review by industry experts, all of which contribute to a high level of trust.
Price Direction
NeutralThe analysis presents both potential downside risks (below $68,400 and $68,000) and upside possibilities (above $70,500), making the immediate price direction uncertain. the presence of a potential bullish flag suggests a possible upward movement, but the article also highlights the 'bears are still active' near $71,200.
Time Effect
ShortThe analysis focuses on immediate support and resistance levels and hourly chart patterns, suggesting that the potential price movements discussed are likely to occur in the short term.
Original Article:
Article Content:
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and publishing How Our News is Made Strict editorial policy that focuses on accuracy, relevance, and impartiality Ad discliamer Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Bitcoin price failed to extend its recovery wave above the $70,500 zone. BTC is now consolidating and might decline again below $68,500. Bitcoin started a decent recovery wave above the $68,500 zone. The price is trading above $68,650 and the 100 hourly simple moving average. There is a key declining channel or a possible bullish flag forming with support at $68,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might dip again if it trades below the $68,400 and $68,000 levels. Bitcoin Price Faces Key Resistance Bitcoin price remained elevated and extended its increase above the $68,800 level. BTC climbed above the $69,500 and $70,000 resistance levels. The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $74,062 swing high to the $65,645 low. However, the bears are still active near $71,200. The price failed to extend gains and started a bearish wave below $70,000. Bitcoin is now trading above $68,800 and the 100 hourly simple moving average . There is also a key declining channel or a possible bullish flag forming with support at $68,400 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com If the price remains stable above $68,400, it could attempt a fresh increase. Immediate resistance is near the $70,000 level. The first key resistance is near the $70,500 level. A close above the $70,500 resistance might send the price further higher. In the stated case, the price could rise and test the $71,200 resistance. Any more gains might send the price toward the $72,000 level or the 76.4% Fib retracement level of the downward move from the $74,062 swing high to the $65,646 low. The next barrier for the bulls could be $72,650. More Downside In BTC? If Bitcoin fails to rise above the $70,500 resistance zone, it could start another decline. Immediate support is near the $68,800 level. The first major support is near the $68,400 level. The next support is now near the $68,000 zone. Any more losses might send the price toward the $67,250 support in the near term. The main support now sits at $66,500, below which BTC might struggle to recover 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 – $68,400, followed by $68,000. Major Resistance Levels – $70,500 and $71,200.