Bitcoin Price Resurgence: Ready for Another Upswing?
10 June 2024 - 2:17PM
NEWSBTC
Bitcoin price stayed above the $68,500 support zone. BTC is now
consolidating and might aim for a fresh increase above the $70,150
resistance. Bitcoin found support near $68,500 and started a decent
recovery wave. The price is trading below $70,000 and the 100
hourly Simple moving average. There is a key bullish trend line
forming with support at $69,500 on the hourly chart of the BTC/USD
pair (data feed from Kraken). The pair could decline again if there
is no move above the $70,150 resistance. Bitcoin Price Faces
Resistance Bitcoin price extended its decline below the $70,000
support zone. BTC even declined below the $69,500 level before the
bulls appeared near $68,500. A low was formed at $68,409 and the
price is now attempting a recovery wave. There was a move above the
$69,250 resistance zone. The price climbed above the 23.6% Fib
retracement level of the downward move from the $71,900 swing high
to the $68,409 low. Bitcoin is now trading below $70,000 and the
100 hourly Simple moving average. However, there is a key bullish
trend line forming with support at $69,500 on the hourly chart of
the BTC/USD pair. On the upside, the price is facing resistance
near the $70,000 level. The first major resistance could be $70,150
and the 50% Fib retracement level of the downward move from the
$71,900 swing high to the $68,409 low. The next key resistance
could be $70,550. A clear move above the $70,550 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. Another Decline In BTC? If Bitcoin fails to
climb above the $70,150 resistance zone, it could start another
decline. Immediate support on the downside is near the $69,500
level and the trend line. The first major support is $69,150. The
next support is now forming near $68,500. Any more losses might
send the price toward the $67,500 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 above the 50 level. Major Support Levels –
$69,500, followed by $68,500. Major Resistance Levels – $70,150,
and $70,500.
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