{"id":610735,"date":"2024-05-31T01:14:15","date_gmt":"2024-05-31T01:14:15","guid":{"rendered":"https:\/\/wncen.com\/?p=610735"},"modified":"2024-06-11T10:26:43","modified_gmt":"2024-06-11T10:26:43","slug":"bitcoins-upside-fading-70k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoins-upside-fading-70k\/","title":{"rendered":"Bitcoin&#8217;s Upside Momentum Fading: What&#8217;s Next for BTC?"},"content":{"rendered":"<p><em>Bitcoin price started a recovery wave from the $67,000 zone. BTC is now struggling to clear the $68,800 and $69,500 resistance levels.<\/em><\/p>\n<ul>\n<li>Bitcoin remained stable above the $67,000 zone and recovered higher.<\/li>\n<li>The price is trading above $68,000 and the 100 hourly Simple moving average.<\/li>\n<li>There was a break above a key bearish trend line with resistance at $67,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could gain bullish momentum if it settles above the $68,800 level.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Resistance<\/h2>\n<p>Bitcoin price extended its downside correction below the $68,000 level. BTC tested the $67,000 zone and recently started a <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-struggles-67k\/\" target=\"_blank\" rel=\"noopener \">recovery wave<\/a>. The price traded as low as $67,099 before it climbed back above $68,000.<\/p>\n<p>There was a break above a key bearish trend line with resistance at $67,800 on the hourly chart of the BTC\/USD pair. The pair climbed above the $68,500 and $69,000 levels. However, it faced resistance near the $69,500 level. A high was formed at $69,548 before the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-struggles-70k\/\" target=\"_blank\" rel=\"noopener \">upside faded<\/a>.<\/p>\n<p>There was a drop below the $69,000 level. The price declined below the 50% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high.<\/p>\n<p>However, the bulls were active near $68,000 and the 61.8% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high. Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average.<\/p>\n<figure id=\"attachment_610736\" aria-describedby=\"caption-attachment-610736\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_8f6dfe.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-610736 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_8f6dfe.png?resize=1024%2C449\" alt=\"Bitcoin Price\" width=\"1024\" height=\"449\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_8f6dfe.png?w=1950 1950w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_8f6dfe.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_8f6dfe.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_8f6dfe.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_8f6dfe.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_8f6dfe.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/05\/Bitcoin_8f6dfe.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-610736\" 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>On the upside, the price is facing resistance near the $68,500 level. The first major resistance could be $68,850. The next key resistance could be $69,500. A clear move above the $69,500 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 $72,600 resistance.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to climb above the $68,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,000 level.<\/p>\n<p>The first major support is $67,400. The next support is now forming near $67,000. Any more losses might send the price toward the $66,250 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining 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 $68,000, followed by $67,000.<\/p>\n<p>Major Resistance Levels \u2013 $68,800, and $69,500.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a recovery wave from the $67,000 zone. BTC is now struggling to clear the $68,800 and $69,500 resistance levels. Bitcoin remained stable above the $67,000 zone and recovered higher. The price is trading above $68,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $67,800 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could gain bullish momentum if it settles above the $68,800 level. Bitcoin Price Faces Resistance Bitcoin price extended its downside correction below the $68,000 level. BTC tested the $67,000 zone and recently started a recovery wave. The price traded as low as $67,099 before it climbed back above $68,000. There was a break above a key bearish trend line with resistance at $67,800 on the hourly chart of the BTC\/USD pair. The pair climbed above the $68,500 and $69,000 levels. However, it faced resistance near the $69,500 level. A high was formed at $69,548 before the upside faded. There was a drop below the $69,000 level. The price declined below the 50% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high. However, the bulls were active near $68,000 and the 61.8% Fib retracement level of the upward move from the $67,099 swing low to the $69,548 high. Bitcoin is now trading above $68,000 and the 100 hourly Simple moving average. On the upside, the price is facing resistance near the $68,500 level. The first major resistance could be $68,850. The next key resistance could be $69,500. A clear move above the $69,500 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 $72,600 resistance. More Losses In BTC? If Bitcoin fails to climb above the $68,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $68,000 level. The first major support is $67,400. The next support is now forming near $67,000. Any more losses might send the price toward the $66,250 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now gaining 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 $68,000, followed by $67,000. Major Resistance Levels \u2013 $68,800, and $69,500.<\/p>\n","protected":false},"author":67,"featured_media":610737,"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-610735","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&#039;s Upside Momentum Fading: What&#039;s Next for BTC?<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a recovery wave from the $67,000 zone. 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