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Price Analysis: Bitcoin (BTC) Price Falters: Another Downturn In Crypto Prices

12.06.2024
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Bitcoin (BTC) Price Falters: Another Downturn In Crypto Prices

Bitcoin (BTC) price failed to stay above the $68,500 support zone but took another downturn to below $68k. BTC extended losses and now showing bearish signs below the $68,800 level.

  • Bitcoin started another decline from the $70,150 resistance zone.
  • The price is trading below $68,800 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could further if there is a clear move below the $68,000 level.

Bitcoin Price Dips Again

Bitcoin price attempted another increase above the $69,500 resistance zone. BTC even broke the $70,000 resistance zone but it failed to extend gains.

A high was formed at $70,142 before there was a fresh decline.

The price declined below the $69,500 and $68,500 support levels.

A low was formed at $67,920 and the price is now consolidating losses near the 23.6% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low.

Bitcoin is now trading below $69,500 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,800 level.

The first major resistance could be $69,000 and the 50% Fib retracement level of the downward move from the $70,142 swing high to the $67,920 low.

The next key resistance could be $69,500. There is also a key bearish trend line forming with resistance at $69,500 on the hourly chart of the BTC/USD pair.

A clear move above the $69,500 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $71,200 resistance.

More Losses In BTC?

If Bitcoin fails to climb above the $69,500 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level.

The first major support is $67,650. The next support is now forming near $67,500. Any more losses might send the price toward the $66,400 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 – $68,000, followed by $67,500.
  • Major Resistance Levels – $69,000, and $69,500.

Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

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