Bitcoin Price Struggles to Reclaim $70K: Will the Bulls Prevail?

Aayush Jindal

Last Updated: June 11, 2024 8:20 am

2 mins read

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Bitcoin price struggled to stay above $70,000 and corrected gains. BTC is now trading below $69,000 and showing a few bearish signs.

Bitcoin extended its downside correction below the $69,000 zone.
The price is trading below $69,000 and the 100 hourly Simple moving average.
There is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could start another increase unless there is a move below the $67,500 support.

Bitcoin Price Revisits Support

Bitcoin price started a downside correction after it failed to stay above the $70,000 support. BTC declined below the $69,200 and $68,500 support levels.

The price even dipped below the $67,500 support. A low has formed at $67,243 and the price is now consolidating losses. It moved above the $68,000 level and the 23.6% Fib retracement level of the downward move from the $70,600 swing high to the $67,243 low.

Bitcoin is now trading below $69,000 and the 100 hourly Simple moving average. However, there is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC/USD pair.

If there is a fresh increase, the price might face resistance near the $68,800 level. The first major resistance could be $69,000 or the 50% Fib retracement level of the downward move from the $70,600 swing high to the $67,243 low.

Bitcoin Price — Source: BTCUSD on TradingView.com

The next key resistance could be $69,550. A clear move above the $69,550 resistance might send the price higher. In the stated case, the price could rise and test the $70,600 resistance. Any more gains might send BTC toward the $72,000 resistance.

More Losses In BTC?

If Bitcoin fails to climb above the $69,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,650 level and the trend line.

The first major support is $67,500. 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 above the 50 level.

Major Support Levels – $67,500, followed by $66,250.

Major Resistance Levels – $69,000, and $70,600.

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.

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