Convergence

Strong

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-unexpected-downward-correction-after-strong-performance/" data-wpel-link="internal">Bitcoin Faces Unexpected Downward Correction After Strong Performance</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/spot-bitcoin-etfs-begin-trading-in-us-stock-markets/" data-wpel-link="internal">Bitcoin</a></strong>, after climbing towards the $68,000 level with its recent strong performance, initiated an unexpected downward correction. This move created a wave of concern among <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a>, drawing attention back to market dynamics. However, BTC seems to be recovering again. So, what should investors expect at this stage?</p> 
<h2 style="text-align: justify" id="bitcoin-price-at-66-700">Bitcoin Price at $66,700</h2> 
<p style="text-align: justify">Bitcoin price, after remaining stable above the $67,000 level, surpassed the $67,200 and $67,500 resistance levels, reaching a new weekly high of $67,984. However, unable to hold at this level, BTC soon initiated a downward correction, drawing attention.</p> 
<p style="text-align: justify">According to technical analyses, the BTC/USD pair experienced a break below the ascending trend line, which merged with the $65,900 support on the hourly chart. This break created concern among investors, causing the price to fall below the $66,500 support area. Bitcoin is currently trading below $67,000.</p> 
<h2 style="text-align: justify" id="movement-towards-68-000-can-be-expected">Movement Towards $68,000 Can Be Expected</h2> 
<p style="text-align: justify">The first major resistance level for Bitcoin is noted at $66,950. If Bitcoin makes a clear move above $67,500, it is likely to gain upward momentum again and test the $68,000 resistance.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-353310 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/BTCUSD.png" alt="" width="1815" height="798"></p> 
<p style="text-align: justify">If the bulls can sustain this move, the Bitcoin price could rise towards the $68,800 resistance area and potentially move towards the $70,000 barrier with further gains.</p> 
<h2 style="text-align: justify" id="critical-support-levels-for-bitcoin">Critical Support Levels for Bitcoin</h2> 
<p style="text-align: justify">Bitcoin has an immediate support at the $66,000 level. This level is also close to the trend line. If this support breaks, BTC could retreat to the $65,500 level. However, the main support to watch is around $64,500. In case of greater selling pressure in the market, the possibility of Bitcoin heading towards the $63,150 support area should not be overlooked.</p> 
<p style="text-align: justify">Technical indicators also support this downside possibility. The four-hour MACD (Moving Average Convergence Divergence) indicator, although in the bullish zone, is losing speed. This indicates that buyers are weakening and sellers might step in. Similarly, the four-hour RSI (Relative Strength Index) is also below the 50 level. The RSI at this level indicates that the market is under the control of sellers rather than being neutral.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-faces-unexpected-downward-correction-after-strong-performance/" data-wpel-link="internal">Bitcoin Faces Unexpected Downward Correction After Strong Performance</a></h5>

Bitcoin Faces Unexpected Downward Correction After Strong Performance

Table of Contents

COINTURK NEWS

Other articles published on May 20, 2024

Peter Schiff Blames US Gov and Fed for Inflation

Cardano (ADA) Is Centralized, Cyber Capital Founder Says

Kaamel Technology to lead investigation into XLink's $10M breach

2 Key Factors Pushing The Shiba Inu Price To $0.001 In 2024

Solana (SOL) Enters the Crucial Phase: Will the Bulls Make It to $200?

Analysts Raise ETH ETF Expectations

Join our free newsletter for daily crypto updates!