Bitcoin Price Dips Again: Market Fluctuation or Start of a Correction?

Source Newsbtc
May 24, 2024 01:23

Bitcoin price extended losses and traded below $68,800 support. BTC is now consolidating and facing hurdles near the $70,000 resistance zone.

  • Bitcoin extended its decline below the $68,800 support zone.
  • The price is trading below $69,000 and the 100 hourly Simple moving average.
  • There is a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move done unless the bulls push it back above $70,000.

Bitcoin Price Breaks Support

Bitcoin price started a downside correction below the $70,000 support zone. BTC bears were able to push the price below major support at $68,800. It sparked bearish moves and the price dipped toward $66,250.

A low was formed at $66,250 and the price is now consolidating losses. There was a minor increase above the $67,250 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low.

However, the bears are active near the $68,350 level and the 50% Fib retracement level of the downward move from the $70,500 swing high to the $66,250 low. Bitcoin price is now trading below $69,000 and the 100 hourly Simple moving average.

If there is a fresh increase, the price might face resistance near the $68,350 level. The first major resistance could be $68,800. There is also a key bearish trend line forming with resistance at $69,200 on the hourly chart of the BTC/USD pair.

The next key resistance could be $70,000. A clear move above the $70,000 resistance might send the price higher. In the stated case, the price could rise and test the $70,500 resistance.

Bitcoin Price

If the bulls push the price further higher, there could be a move toward the $71,200 resistance zone. Any more gains might send BTC toward the $71,800 resistance.

More Losses In BTC?

If Bitcoin fails to climb above the $69,800 resistance zone, it could continue to move down. Immediate support on the downside is near the $67,250 level.

The first major support is $66,800. 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 – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $67,250, followed by $66,250.

Major Resistance Levels – $68,350, $68,800, and $70,000.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Fed’s Barkin wants more evidence on inflation before rate cutsThomas Barkin, President of the Federal Reserve Bank of Richmond stressed the need for further clarity on the inflation path before considering lowering interest rates."My personal view is let’s get m
Author  Investing.com
Thomas Barkin, President of the Federal Reserve Bank of Richmond stressed the need for further clarity on the inflation path before considering lowering interest rates."My personal view is let’s get m
placeholder
US S&P Global PMIs Preview: Economic expansion set to extend into June S&P Global preliminary PMIs are expected to confirm ongoing expansion in the US private sector’s business activity in June.
Author  FXStreet
S&P Global preliminary PMIs are expected to confirm ongoing expansion in the US private sector’s business activity in June.
placeholder
Prominent fund manager cuts his Nvidia stakeSeasoned tech investor Paul Wick of Seligman Investments has been reducing his holdings in Nvidia Corp . (NASDAQ:NVDA) recently, voicing doubts about the company’s future earnings growth, Bloomberg
Author  Investing.com
Seasoned tech investor Paul Wick of Seligman Investments has been reducing his holdings in Nvidia Corp . (NASDAQ:NVDA) recently, voicing doubts about the company’s future earnings growth, Bloomberg
placeholder
EUR/USD falls sharply after weak Eurozone PMIsEUR/USD faces selling pressure in Friday’s European session due to multiple headwinds.
Author  FXStreet
EUR/USD faces selling pressure in Friday’s European session due to multiple headwinds.
placeholder
Morgan Stanley adjusts its US Model portfolioInvesting.com - In a strategy update released on Thursday, Morgan Stanley (NYSE:MS) made significant alterations to its US Model Portfolio.The changes include adding Cummins Inc (NYSE:CMI) due t
Author  Investing.com
Investing.com - In a strategy update released on Thursday, Morgan Stanley (NYSE:MS) made significant alterations to its US Model Portfolio.The changes include adding Cummins Inc (NYSE:CMI) due t
goTop
quote