{"id":610315,"date":"2024-05-29T00:57:53","date_gmt":"2024-05-29T00:57:53","guid":{"rendered":"https:\/\/wncen.com\/?p=610315"},"modified":"2024-06-11T08:20:32","modified_gmt":"2024-06-11T08:20:32","slug":"bitcoin-price-struggles-70k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-struggles-70k\/","title":{"rendered":"Bitcoin Price Struggles to Reclaim $70K: Will the Bulls Prevail?"},"content":{"rendered":"<p><em>Bitcoin price struggled to stay above $70,000 and corrected gains. BTC is now trading below $69,000 and showing a few bearish signs.<\/em><\/p>\n<ul>\n<li>Bitcoin extended its downside correction below the $69,000 zone.<\/li>\n<li>The price is trading below $69,000 and the 100 hourly Simple moving average.<\/li>\n<li>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).<\/li>\n<li>The pair could start another increase unless there is a move below the $67,500 support.<\/li>\n<\/ul>\n<h2>Bitcoin Price Revisits Support<\/h2>\n<p>Bitcoin price started a downside correction after it failed to stay above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-higher-70k\/\" target=\"_blank\" rel=\"noopener \">$70,000 support<\/a>. BTC declined below the $69,200 and $68,500 support levels.<\/p>\n<p>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 \u00a0\u00a0\u00a0 $67,243 low.<\/p>\n<p>Bitcoin is now trading below $69,000 and the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-steam-70k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. However, there is a key bullish trend line forming with support at $67,600 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>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 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $67,243 low.<\/p>\n<figure id=\"attachment_610316\" aria-describedby=\"caption-attachment-610316\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_379860.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-610316 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_379860.png?resize=1024%2C449\" alt=\"Bitcoin Price\" width=\"1024\" height=\"449\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_379860.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_379860.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_379860.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_379860.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_379860.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_379860.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_379860.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-610316\" 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>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.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>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.<\/p>\n<p>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.<\/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 above the 50 level.<\/p>\n<p>Major Support Levels \u2013 $67,500, followed by $66,250.<\/p>\n<p>Major Resistance Levels \u2013 $69,000, and $70,600.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 \u00a0\u00a0\u00a0 $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 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 $67,243 low. 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 \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now above the 50 level. Major Support Levels \u2013 $67,500, followed by $66,250. Major Resistance Levels \u2013 $69,000, and $70,600.<\/p>\n","protected":false},"author":67,"featured_media":610317,"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-610315","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 Struggles to Reclaim $70K: Will the Bulls Prevail?<\/title>\n<meta name=\"description\" content=\"Bitcoin price struggled to stay above $70,000 and corrected gains. 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