Bitcoin Price Rejected Above $70K, Bulls Lose Grip on Momentum
Analysis
Price Impact
MedBitcoin recently experienced a rejection above the $70k mark, indicating a potential loss of bullish momentum. while the price is currently consolidating above $68,000, the article suggests that a retest of the $67,500 support zone is possible if resistance levels are not overcome.
Trustworthiness
HighPrice Direction
NeutralThe article presents a dual outlook. if bitcoin holds above the $67,500 support, it could retest higher resistance levels around $69,350 and $70,500. however, a failure to break these resistance levels could lead to further declines towards $67,500 and potentially $66,800.
Time Effect
ShortThe analysis focuses on hourly charts and immediate support/resistance levels, suggesting short-term price movements are the primary concern.
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 started a decent increase above the $68,800 zone. BTC is trimming gains and might revisit the $67,500 support zone. Bitcoin gained pace for a move above the $68,500 and $68,800 levels. The price is trading above $68,000 and the 100 hourly simple moving average. There is a bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might extend losses if it stays below the $69,250 and $69,500 levels. Bitcoin Price Trims Gains Bitcoin price managed to climb higher above the $68,000 resistance zone . BTC gained pace for a move above the $68,500 and $68,800 levels. The price even climbed above $70,000 but failed to remain in a positive zone. A high was formed at $70,463, and the price started a downside correction. There was a move below the 23.6% Fib retracement level of the upward move from the $65,688 swing low to the $70,463 high. Bitcoin is now trading above $68,000 and the 100 hourly simple moving average . There is also a bullish trend line forming with support at $67,500 on the hourly chart of the BTC/USD pair. Source: BTCUSD on TradingView.com If the price remains stable above $67,500, it could attempt a fresh increase. Immediate resistance is near the $69,350 level. The first key resistance is near the $69,800 level. A close above the $69,800 resistance might send the price further higher. In the stated case, the price could rise and test the $70,500 resistance. Any more gains might send the price toward the $71,500 level. The next barrier for the bulls could be $72,000. More Losses In BTC? If Bitcoin fails to rise above the $69,350 resistance zone, it could start another decline. Immediate support is near the $68,000 level. The first major support is near the $67,800 level. The next support is now near the $67,500 zone or the 61.8% Fib retracement level of the upward move from the $65,688 swing low to the $70,463 high. Any more losses might send the price toward the $66,800 support in the near term. The main support now sits at $65,500, 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 – $68,000, followed by $67,500. Major Resistance Levels – $69,350 and $70,500.