Bitcoin Price Rejects $70K: Post-Fed Recovery Fails to Materialize
13 Giugno 2024 - 5:24AM
NEWSBTC
Bitcoin price started a strong increase above $68,500. BTC even
tested $70,000, but post-fed there was a major bearish reaction.
Bitcoin started another decline from the $70,000 resistance zone.
The price is trading below $68,550 and the 100 hourly Simple moving
average. There is a connecting bullish trend line forming with
support at $67,500 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 $68,550 level. Bitcoin Price Dips Again Bitcoin
price started a steady increase above the $68,500 resistance zone.
BTC even cleared the $69,200 resistance zone. However, after the
Fed kept the rates at 5.5%, there was a strong bearish reaction.
The price dipped below the $68,800 and $68,500 levels. The price
tested the $67,200 zone. A low was formed at $67,148 and the price
is now consolidating losses near the 23.6% Fib retracement level of
the downward move from the $69,969 swing high to the $67,148 low.
Bitcoin is now trading below $68,800 and the 100 hourly Simple
moving average. There is also a connecting bullish trend line
forming with support at $67,500 on the hourly chart of the BTC/USD
pair. On the upside, the price is facing resistance near the
$68,250 level. The first major resistance could be $68,550 and the
50% Fib retracement level of the downward move from the $69,969
swing high to the $67,148 low. The next key resistance could be
$69,200. A clear move above the $69,200 resistance might send the
price higher. In the stated case, the price could rise and test the
$70,000 resistance. Any more gains might send BTC toward the
$71,200 resistance in the near term. More Losses In BTC? If Bitcoin
fails to climb above the $68,550 resistance zone, it could start
another decline. Immediate support on the downside is near the
$67,200 level. The first major support is $67,000. The next support
is now forming near $66,000. Any more losses might send the price
toward the $65,500 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 – $67,000,
followed by $66,000. Major Resistance Levels – $68,550, and
$69,200.
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