{"id":624529,"date":"2024-06-14T03:09:33","date_gmt":"2024-06-14T03:09:33","guid":{"rendered":"https:\/\/wncen.com\/?p=624529"},"modified":"2024-06-14T03:09:33","modified_gmt":"2024-06-14T03:09:33","slug":"bitcoin-bears-66k","status":"publish","type":"post","link":"https:\/\/wncen.com\/analysis\/btc\/bitcoin-bears-66k\/","title":{"rendered":"Bitcoin Bears Gain Control: Further Drops on the Horizon"},"content":{"rendered":"<p><em>Bitcoin price struggled to recover above the $68,000 resistance zone. BTC is again moving lower and might even decline below the $66,000 support zone.<\/em><\/p>\n<ul>\n<li>Bitcoin started another decline from the $68,200 resistance zone.<\/li>\n<li>The price is trading below $68,000 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could recover but the upsides might be limited above the $68,000 level.<\/li>\n<\/ul>\n<h2>Bitcoin Price Turns Red Again<\/h2>\n<p>Bitcoin price struggled to climb above the <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-rejects-70k-2\/\" target=\"_blank\" rel=\"noopener \">$68,500 resistance zone<\/a>. BTC remained in a bearish zone and extended losses below the $67,200 level. There was a move below the $67,000 level.<\/p>\n<p>The price tested the $66,250 zone. A low was formed at $66,244 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. Bitcoin is now trading below $68,000 and the <a href=\"https:\/\/wncen.com\/news\/bitcoin-in-decline-66k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>.<\/p>\n<p>It seems like the price is forming a short-term base above the $66,250 zone, but there are many hurdles for the bulls. On the upside, the price is facing resistance near the $67,150 level. There is also a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>The first major resistance could be $68,000 and the 50% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. The next key resistance could be $68,500. A clear move above the $68,500 resistance might send the price higher.<\/p>\n<figure id=\"attachment_624530\" aria-describedby=\"caption-attachment-624530\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_76596a.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-624530 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_76596a.png?resize=1024%2C461\" alt=\"Bitcoin Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_76596a.png?w=1835 1835w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_76596a.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_76596a.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_76596a.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_76596a.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_76596a.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin_76596a.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-624530\" 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>In the stated case, the price could rise and test the $69,200 resistance. Any more gains might send BTC toward the $70,000 resistance in the near term.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to climb above the $67,150 resistance zone, it could start another decline. Immediate support on the downside is near the $66,250 level.<\/p>\n<p>The first major support is $66,000. The next support is now forming near $65,000. Any more losses might send the price toward the $63,500 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 $67,000, followed by $66,000.<\/p>\n<p>Major Resistance Levels \u2013 $68,550, and $69,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price struggled to recover above the $68,000 resistance zone. BTC is again moving lower and might even decline below the $66,000 support zone. Bitcoin started another decline from the $68,200 resistance zone. The price is trading below $68,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could recover but the upsides might be limited above the $68,000 level. Bitcoin Price Turns Red Again Bitcoin price struggled to climb above the $68,500 resistance zone. BTC remained in a bearish zone and extended losses below the $67,200 level. There was a move below the $67,000 level. The price tested the $66,250 zone. A low was formed at $66,244 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. Bitcoin is now trading below $68,000 and the 100 hourly Simple moving average. It seems like the price is forming a short-term base above the $66,250 zone, but there are many hurdles for the bulls. On the upside, the price is facing resistance near the $67,150 level. There is also a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC\/USD pair. The first major resistance could be $68,000 and the 50% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. The next key resistance could be $68,500. A clear move above the $68,500 resistance might send the price higher. In the stated case, the price could rise and test the $69,200 resistance. Any more gains might send BTC toward the $70,000 resistance in the near term. More Losses In BTC? If Bitcoin fails to climb above the $67,150 resistance zone, it could start another decline. Immediate support on the downside is near the $66,250 level. The first major support is $66,000. The next support is now forming near $65,000. Any more losses might send the price toward the $63,500 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 $67,000, followed by $66,000. Major Resistance Levels \u2013 $68,550, and $69,200.<\/p>\n","protected":false},"author":67,"featured_media":624531,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361],"tags":[428,679,1144,78790,76835],"class_list":["post-624529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Bears Gain Control: Further Drops on the Horizon<\/title>\n<meta name=\"description\" content=\"Bitcoin price struggled to recover above the $68,000 resistance zone. 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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 Bears Gain Control: Further Drops on the Horizon","url":"http:\/\/wncen.com\/analysis\/btc\/bitcoin-bears-66k\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/analysis\/btc\/bitcoin-bears-66k\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin-bears.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/Bitcoin-bears.jpeg?fit=1792%2C1024"},"articleSection":"BTC","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":"2024-06-14T03:09:33Z","datePublished":"2024-06-14T03:09:33Z","dateModified":"2024-06-14T03:09:33Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Bears Gain Control: Further Drops on the Horizon\",\"url\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/btc\\\/bitcoin-bears-66k\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/btc\\\/bitcoin-bears-66k\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-bears.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/Bitcoin-bears.jpeg?fit=1792%2C1024\"},\"articleSection\":\"BTC\",\"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\":\"2024-06-14T03:09:33Z\",\"datePublished\":\"2024-06-14T03:09:33Z\",\"dateModified\":\"2024-06-14T03:09:33Z\"}<\/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\/06\/Bitcoin-bears.jpeg?fit=1792%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/624529"}],"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=624529"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/624529\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/624531"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=624529"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=624529"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=624529"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}