{"id":625223,"date":"2024-06-18T18:00:43","date_gmt":"2024-06-18T18:00:43","guid":{"rendered":"https:\/\/wncen.com\/?p=625223"},"modified":"2024-06-18T14:03:58","modified_gmt":"2024-06-18T14:03:58","slug":"bitcoin-price-rejection-70000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-rejection-70000\/","title":{"rendered":"Bitcoin Price Drops Below Critical Support Level Following Rejection At $70,000"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Bitcoin recently dropped <\/span><a href=\"https:\/\/bitcoinist.com\/is-bitcoin-heading-for-fresh-lows\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">below the critical support level<\/span><\/a><span style=\"font-weight: 400\"> between $67,000 and $68,000, having failed to break above the <\/span><a href=\"https:\/\/wncen.com\/analysis\/xrp\/bitcoin-bull-run-70000-level\/\"><span style=\"font-weight: 400\">$70,000 price level<\/span><\/a><span style=\"font-weight: 400\"> successfully. Based on crypto analyst Josh\u2019s analysis, the flagship crypto needs to climb above this critical support level soon enough or risk flipping into a bearish trend.\u00a0<\/span><\/p>\n<h2>Bitcoin Needs To Climb Above $68,000<\/h2>\n<p><span style=\"font-weight: 400\">Josh mentioned in a <\/span><a href=\"https:\/\/www.youtube.com\/watch?v=bJwtwK2ExU0\" rel=\"nofollow\"><span style=\"font-weight: 400\">video<\/span><\/a><span style=\"font-weight: 400\"> on his YouTube channel that Bitcoin needs to achieve a confirmed breakout above $68,000 to flip bullish again and possibly experience more upside moves to the resistance levels between $72,000 and $74,000. With <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-below-68000-reports-of-mt-gox-payouts\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin currently below $67,000<\/span><\/a><span style=\"font-weight: 400\">, the crypto analyst noted that the area between <\/span><a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-price-crash-10-69000\/\"><span style=\"font-weight: 400\">$67,000 and $68,000<\/span><\/a><span style=\"font-weight: 400\"> is now an area of strong resistance and one to watch out for in the short term.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Bitcoin\u2019s failure to climb above $68,000 soon enough could lead to more short-term pullbacks to between $63,000 and $64,000, an area in which Josh claimed there is a decent amount of traded volume. The crypto analyst also suggested that <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-analyst-upside-btc-price\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin\u2019s drop to $64,000<\/span><\/a><span style=\"font-weight: 400\"> could happen swiftly, as he highlighted the volume profile indicator, which showed that there is little traded volume between $66,000 and $64,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, Josh outlined a scenario in which Bitcoin could rise to around $67,000 to grab a large amount of liquidity and <\/span><a href=\"https:\/\/bitcoinist.com\/crypto-futures-liquidations-150m-bitcoin-plummets\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">liquidate the short positions<\/span><\/a><span style=\"font-weight: 400\"> around that area. He noted that that area coincides with the resistance level between $67,000 and $68,000.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">As such, he warned that Bitcoin may experience a short-term bounce and then be rejected at the resistance level. He again claimed that Bitcoin would need to break above $68,000 to confirm that the pullback is over.\u00a0<\/span><\/p>\n<h2>A Massive Move On The Horizon For BTC<\/h2>\n<p><span style=\"font-weight: 400\">Analyzing Bitcoin\u2019s four-day chart, Josh stated that the <\/span><a href=\"https:\/\/bitcoinist.com\/bollinger-bands-creator-bitcoin-downtrend-might-be-over\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bollinger Bands<\/span><\/a><span style=\"font-weight: 400\"> are still squeezing together, which points to a \u201cmajor move\u201d coming at some point within the next few weeks. He added that the move would be volatile and that Bitcoin could potentially record a 20% to 30% price movement.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">On the larger time frame, Josh remarked that Bitcoin is still trading sideways and within a massive consolidation that usually occurs during a \u201c<\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-bull-market-glassnode\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">much larger bullish trend<\/span><\/a><span style=\"font-weight: 400\">.\u201d As such, the analyst suggested that Bitcoin is still far from its market top despite its recent price decline. Based on predictions made by other crypto analysts, like <\/span><a href=\"https:\/\/bitcoinist.com\/can-dogecoin-reach-0-2\/#:~:text=Crypto%20Analyst%20Reveals%20Bearish%20Expectations,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20CrediBULL%20Crypto%20has,low%20as%20%240.5%20soon%20enough.\" rel=\"nofollow\"><span style=\"font-weight: 400\">CrediBULL Crypto<\/span><\/a><span style=\"font-weight: 400\">, Bitcoin is still expected to <\/span><a href=\"https:\/\/bitcoinist.com\/100000-bitcoin-ceo-makes-bold-prediction\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">rise to $100,000<\/span><\/a><span style=\"font-weight: 400\"> in this market cycle.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/bitcoinist.com\/bitcoin-whos-dumping-their-coins-and-why\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Crypto analyst Rekt Capital<\/span><\/a><span style=\"font-weight: 400\"> had also warned about these price declines amid this bull run. He stated that Bitcoin would retrace deep enough to convince anyone that the bull run is over before it resumes its uptrend.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at around $65,400, down 1% in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/JLevE1Vk\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1576\"><figcaption class=\"wp-caption-text\">BTC falls to $64,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin recently dropped below the critical support level between $67,000 and $68,000, having failed to break above the $70,000 price level successfully. Based on crypto analyst Josh\u2019s analysis, the flagship crypto needs to climb above this critical support level soon enough or risk flipping into a bearish trend.\u00a0 Bitcoin Needs To Climb Above $68,000 Josh mentioned in a video on his YouTube channel that Bitcoin needs to achieve a confirmed breakout above $68,000 to flip bullish again and possibly experience more upside moves to the resistance levels between $72,000 and $74,000. With Bitcoin currently below $67,000, the crypto analyst noted that the area between $67,000 and $68,000 is now an area of strong resistance and one to watch out for in the short term.\u00a0 Bitcoin\u2019s failure to climb above $68,000 soon enough could lead to more short-term pullbacks to between $63,000 and $64,000, an area in which Josh claimed there is a decent amount of traded volume. The crypto analyst also suggested that Bitcoin\u2019s drop to $64,000 could happen swiftly, as he highlighted the volume profile indicator, which showed that there is little traded volume between $66,000 and $64,000.\u00a0 Meanwhile, Josh outlined a scenario in which Bitcoin could rise to around $67,000 to grab a large amount of liquidity and liquidate the short positions around that area. He noted that that area coincides with the resistance level between $67,000 and $68,000.\u00a0 As such, he warned that Bitcoin may experience a short-term bounce and then be rejected at the resistance level. He again claimed that Bitcoin would need to break above $68,000 to confirm that the pullback is over.\u00a0 A Massive Move On The Horizon For BTC Analyzing Bitcoin\u2019s four-day chart, Josh stated that the Bollinger Bands are still squeezing together, which points to a \u201cmajor move\u201d coming at some point within the next few weeks. He added that the move would be volatile and that Bitcoin could potentially record a 20% to 30% price movement.\u00a0 On the larger time frame, Josh remarked that Bitcoin is still trading sideways and within a massive consolidation that usually occurs during a \u201cmuch larger bullish trend.\u201d As such, the analyst suggested that Bitcoin is still far from its market top despite its recent price decline. Based on predictions made by other crypto analysts, like CrediBULL Crypto, Bitcoin is still expected to rise to $100,000 in this market cycle.\u00a0 Crypto analyst Rekt Capital had also warned about these price declines amid this bull run. He stated that Bitcoin would retrace deep enough to convince anyone that the bull run is over before it resumes its uptrend.\u00a0 At the time of writing, Bitcoin is trading at around $65,400, down 1% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":625248,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[167,428,656,679,1119,89185,1122,1144,78790,6664,26263,14690],"class_list":["post-625223","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-crypto","tag-crypto-analyst","tag-crypto-news"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Drops Below Critical Support Level Following Rejection At $70,000<\/title>\n<meta name=\"description\" content=\"Bitcoin recently dropped below the critical support level between $67,000 and $68,000, having failed to break above the $70,000 price level.\" \/>\n<meta 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