Bitcoin Price Hits Crucial Support: Will Bulls Ignite a Fresh Increase?
May 22 2024 - 9:25PM
NEWSBTC
Bitcoin price started a downside correction below the $70,000
level. BTC is now testing the $68,800 support and might attempt a
fresh increase. Bitcoin extended its decline below the $70,000
support zone. The price is trading above $68,000 and the 100 hourly
Simple moving average. There is a connecting bearish trend line
forming with resistance at $70,000 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could start another
increase unless there is a close below $68,800. Bitcoin Price
Revisits Support Bitcoin price started a downside correction after
it struggled above the $71,500 level. A new weekly high was formed
at $71,896 and the price recently started a downside correction.
The price declined below the $70,000 level and tested the 50% Fib
retracement level of the upward wave from the $66,046 swing low to
the $71,896 high. There was also a spike below the $68,800 support
zone. The bulls are currently active near the $68,800 zone. Bitcoin
price is now trading above $68,000 and the 100 hourly Simple moving
average. The price is now facing resistance near the $69,650 level.
The first major resistance could be $70,000. There is also a
connecting bearish trend line forming with resistance at $70,000 on
the hourly chart of the BTC/USD pair. The next key resistance could
be $70,500. A clear move above the $70,500 resistance might send
the price higher. In the stated case, the price could rise and test
the $71,200 resistance. If the bulls push the price further higher,
there could be a move toward the $71,800 resistance zone. Any more
gains might send BTC toward the $72,500 resistance. Downside Break
In BTC? If Bitcoin fails to climb above the $70,000 resistance
zone, it could continue to move down. Immediate support on the
downside is near the $69,000 level. The first major support is
$68,800. The next support is now forming near $67,420 or the 76.4%
Fib retracement level of the upward wave from the $66,046 swing low
to the $71,896 high. Any more losses might send the price toward
the $66,000 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 – $69,000, followed by
$68,800. Major Resistance Levels – $70,000, $70,500, and $71,200.
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