{"id":609381,"date":"2024-05-23T01:25:05","date_gmt":"2024-05-23T01:25:05","guid":{"rendered":"https:\/\/wncen.com\/?p=609381"},"modified":"2024-06-11T09:19:35","modified_gmt":"2024-06-11T09:19:35","slug":"bitcoin-price-support-68800","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-support-68800\/","title":{"rendered":"Bitcoin Price Hits Crucial Support: Will Bulls Ignite a Fresh Increase?"},"content":{"rendered":"<p><em>Bitcoin price started a downside correction below the $70,000 level. BTC is now testing the $68,800 support and might attempt a fresh increase.<\/em><\/p>\n<ul>\n<li>Bitcoin extended its decline below the $70,000 support zone.<\/li>\n<li>The price is trading above $68,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $70,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could start another increase unless there is a close below $68,800.<\/li>\n<\/ul>\n<h2>Bitcoin Price Revisits Support<\/h2>\n<p>Bitcoin price started a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-dips-70k\/\" target=\"_blank\" rel=\"noopener \">downside correction<\/a> after it struggled above the $71,500 level. A new weekly high was formed at $71,896 and the price recently started a downside correction.<\/p>\n<p>The price declined below the $70,000 level and tested the 50% Fib retracement level of the upward wave from the $66,046 swing low to the $71,896 high. There was also a spike below the $68,800 support zone. The bulls are currently active near the $68,800 zone.<\/p>\n<p>Bitcoin price is now trading above $68,000 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-soars-70k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. The price is now facing resistance near the $69,650 level. The first major resistance could be $70,000. There is also a connecting bearish trend line forming with resistance at $70,000 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The next key resistance could be $70,500. A clear move above the $70,500 resistance might send the price higher. In the stated case, the price could rise and test the $71,200 resistance.<\/p>\n<figure id=\"attachment_609382\" aria-describedby=\"caption-attachment-609382\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_d919aa.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-609382 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_d919aa.png?resize=1024%2C449\" alt=\"Bitcoin Price\" width=\"1024\" height=\"449\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_d919aa.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_d919aa.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_d919aa.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_d919aa.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_d919aa.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_d919aa.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_d919aa.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-609382\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>If the bulls push the price further higher, there could be a move toward the $71,800 resistance zone. Any more gains might send BTC toward the $72,500 resistance.<\/p>\n<h2>Downside Break In BTC?<\/h2>\n<p>If Bitcoin fails to climb above the $70,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $69,000 level.<\/p>\n<p>The first major support is $68,800. The next support is now forming near $67,420 or the 76.4% Fib retracement level of the upward wave from the $66,046 swing low to the $71,896 high. Any more losses might send the price toward the $66,000 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $69,000, followed by $68,800.<\/p>\n<p>Major Resistance Levels \u2013 $70,000, $70,500, and $71,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a downside correction below the $70,000 level. BTC is now testing the $68,800 support and might attempt a fresh increase. Bitcoin extended its decline below the $70,000 support zone. The price is trading above $68,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $70,000 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could start another increase unless there is a close below $68,800. Bitcoin Price Revisits Support Bitcoin price started a downside correction after it struggled above the $71,500 level. A new weekly high was formed at $71,896 and the price recently started a downside correction. The price declined below the $70,000 level and tested the 50% Fib retracement level of the upward wave from the $66,046 swing low to the $71,896 high. There was also a spike below the $68,800 support zone. The bulls are currently active near the $68,800 zone. Bitcoin price is now trading above $68,000 and the 100 hourly Simple moving average. The price is now facing resistance near the $69,650 level. The first major resistance could be $70,000. There is also a connecting bearish trend line forming with resistance at $70,000 on the hourly chart of the BTC\/USD pair. The next key resistance could be $70,500. A clear move above the $70,500 resistance might send the price higher. In the stated case, the price could rise and test the $71,200 resistance. If the bulls push the price further higher, there could be a move toward the $71,800 resistance zone. Any more gains might send BTC toward the $72,500 resistance. Downside Break In BTC? If Bitcoin fails to climb above the $70,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $69,000 level. The first major support is $68,800. The next support is now forming near $67,420 or the 76.4% Fib retracement level of the upward wave from the $66,046 swing low to the $71,896 high. Any more losses might send the price toward the $66,000 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $69,000, followed by $68,800. Major Resistance Levels \u2013 $70,000, $70,500, and $71,200.<\/p>\n","protected":false},"author":67,"featured_media":609383,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,679,1144,78790,76835],"class_list":["post-609381","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Hits Crucial Support: Will Bulls Ignite a Fresh Increase?<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a downside correction below the $70,000 level. 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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. As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. 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.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Hits Crucial Support: Will Bulls Ignite a Fresh Increase?","url":"http:\/\/wncen.com\/news\/bitcoin-price-support-68800\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-support-68800\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin-BTC-Bulls-Ignite.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin-BTC-Bulls-Ignite.jpg?fit=1792%2C1024"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin price","btcusd","btcusdt","xbtusd"],"dateCreated":"2024-05-23T01:25:05Z","datePublished":"2024-05-23T01:25:05Z","dateModified":"2024-06-11T09:19:35Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Hits Crucial Support: Will Bulls Ignite a Fresh Increase?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-support-68800\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-support-68800\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin-BTC-Bulls-Ignite.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/05\\\/Bitcoin-BTC-Bulls-Ignite.jpg?fit=1792%2C1024\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin price\",\"btcusd\",\"btcusdt\",\"xbtusd\"],\"dateCreated\":\"2024-05-23T01:25:05Z\",\"datePublished\":\"2024-05-23T01:25:05Z\",\"dateModified\":\"2024-06-11T09:19:35Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin-BTC-Bulls-Ignite.jpg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/609381"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=609381"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/609381\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/609383"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=609381"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=609381"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=609381"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}