Bitcoin Price Losing Steam: Market Momentum Slows Amid Trading Hesitation
May 26 2024 - 9:17PM
NEWSBTC
Bitcoin price is slowly losing momentum and struggling below
$70,000. BTC is now consolidating and facing hurdles near the
$69,500 resistance zone. Bitcoin is facing many key hurdles near
the $70,000 zone. The price is trading above $69,500 and the 100
hourly Simple moving average. There is a key bearish trend line
forming with resistance at $69,100 on the hourly chart of the
BTC/USD pair (data feed from Kraken). The pair could continue to
move down if it stays below the $70,000 zone. Bitcoin Price Stuck
Below $70K Bitcoin price found support above the $66,000 level and
started another increase. BTC was able to clear the $68,000
resistance zone. However, the bears were active near the $69,500
and $70,000 levels. A high was formed near $69,608 and the price is
now correcting gains. There was a move below the 23.6% Fib
retracement level of the upward move from the $66,250 swing low to
the $69,608 high. It even tested the $68,000 support zone. The
bulls are now active near the 50% Fib retracement level of the
upward move from the $66,250 swing low to the $69,608 high. Bitcoin
price is trading above $69,500 and the 100 hourly Simple moving
average. If there is a fresh increase, the price might face
resistance near the $69,000 level. There is also a key bearish
trend line forming with resistance at $69,100 on the hourly chart
of the BTC/USD pair. The first major resistance could be $69,500.
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 $71,200 resistance. Any more
gains might send BTC toward the $72,000 resistance. More Losses In
BTC? If Bitcoin fails to climb above the $69,500 resistance zone,
it could continue to move down. Immediate support on the downside
is near the $68,000 level. The first major support is $67,500. The
next support is now forming near $67,000. Any more losses might
send the price toward the $65,500 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 –
$67,500, followed by $67,000. Major Resistance Levels – $69,100,
and $69,500.
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