Bitcoin Price Dips Again: Market Fluctuation or Start of a Correction?

Aayush Jindal

Last Updated: June 11, 2024 9:09 am

2 mins read

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Bitcoin price extended losses and traded below $68,800 support. BTC is now consolidating and facing hurdles near the $70,000 resistance zone.

Bitcoin extended its decline below the $68,800 support zone.
The price is trading below $69,000 and the 100 hourly Simple moving average.
There is a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move done unless the bulls push it back above $70,000.

Bitcoin Price Breaks Support

Bitcoin price started a downside correction below the $70,000 support zone. BTC bears were able to push the price below major support at $68,800. It sparked bearish moves and the price dipped toward $66,250.

A low was formed at $66,250 and the price is now consolidating losses. There was a minor increase above the $67,250 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low.

However, the bears are active near the $68,350 level and the 50% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. Bitcoin price is now trading below $69,000 and the 100 hourly Simple moving average.

If there is a fresh increase, the price might face resistance near the $68,350 level. The first major resistance could be $68,800. There is also a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair.

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 $70,500 resistance.

Bitcoin Price — Source: BTCUSD on TradingView.com

If the bulls push the price further higher, there could be a move toward the $71,200 resistance zone. Any more gains might send BTC toward the $71,800 resistance.

More Losses In BTC?

If Bitcoin fails to climb above the $69,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level.

The first major support is $66,800. The next support is now forming near $66,250. Any more losses might send the price toward the $65,000 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 – $67,250, followed by $66,250.

Major Resistance Levels – $68,350, $68,800, and $70,000.

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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