Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Menu

Categories:

Hot right now:

Follow on:

Coinsurges provides coverage of fintech, blockchain, and Bitcoin, delivering the most recent news and analyses on the future of money. Stay up-to-date with live prices, charts, and trading options for the top exchanges. Keep track of the day's top cryptocurrency gainers and losers, as well as which coins have experienced gains and losses in the past 24 hours.
Trust Coinsurges as your go-to source for all news and updates in the industry.

Bitcoin Price Losing Steam: Market Momentum Slows Amid Trading Hesitation

Share This Post

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.

Bitcoin Price

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.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

XRP Price Flashes Signal That Triggered 600% Rally In November 2024

After mirroring Bitcoin’s strong breakout over the past week, XRP recently surged to an intraday high of $247 before retracing to a lower daily close Despite this, the broader outlook for XRP is

Wall Street 2.0: Tokenized Treasuries Top $7B as Blackrock’s BUIDL Nears $3B

Tokenized US Treasury bonds have officially surpassed $7 billion in aggregate value, gaining an additional $54 million over the course of the past week Several top-tier funds have been accelerating

Bitcoin Could Hit $125K by Midyear, Experts Predict Massive Gains Ahead

The post Bitcoin Could Hit $125K by Midyear, Experts Predict Massive Gains Ahead appeared first on Coinpedia Fintech News Bitcoin is on the move again, breaking records and attracting the attention

Bad tokenomics kill good projects (here’s how to improve them)

The following is a guest post and opinion of Arthur Iinuma, Principal consultant and Founder of Iinumaio While good tokenomics cannot save unsound projects, even the most promising network launches

FBI Takes Down $24 Million Crypto Cache from Russian Malware Mastermind

The US Department of Justice (DOJ) has filed a civil forfeiture complaint to seize over $24 million in cryptocurrency assets tied to Rustam Rafailevich Gallyamov, a Russian national accused of

Best Crypto to Buy as Bitcoin’s Largest-Ever Options Expiry Set to Push the King Crypto over $110K

Bitcoin is headed towards its largest option expiry of 2025 at around $138B on May 30 Just a week earlier, the OG crypto crossed its previous high of $109K and made a new all-time high However, over