Bitcoin

Resistance

Bitcoin price started a strong increase above $68,500. BTC even tested $70,000, but post-fed there was a major bearish reaction. 
<ul> 
 <li>Bitcoin started another decline from the $70,000 resistance zone.</li> 
 <li>The price is trading below $68,550 and the 100 hourly Simple moving average.</li> 
 <li>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).</li> 
 <li>The pair could recover but the upsides might be limited above the $68,550 level.</li> 
</ul> 
<h2 id="bitcoin-price-dips-again">Bitcoin Price Dips Again</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/news/bitcoin-in-decline-66k/" target="_blank" rel="noopener ">steady increase</a> 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 <a href="https://www.newsbtc.com/news/bitcoin-price-falters-68k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 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. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_cac22b.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-624341 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_cac22b.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_cac22b.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_cac22b.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_cac22b.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_cac22b.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_cac22b.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_cac22b.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_cac22b.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
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. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
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.

Bitcoin Price Rejects $70K: Post-Fed Recovery Fails to Materialize

Table of Contents

NewsBTC

Other articles published on Jun 13, 2024

5 Top ICOs to Add To Your Investment Basket In 2024

Market Makers in Crypto: Who Controls the Cryptocurrency Market?

Zeebu Token: Emerging Stronger From Retracement, Eyes Triple-Digit Gains

Injective (INJ) Shows Bullish Signs: Technical and Fundamental Insights

MoonBag Presale Smashes $2m; Eyes $1 Pricing After Coinbase Rumour As BitBot And Cosmos Stumble

Supra.com & Killer Whales Launch Super dApp Showdown Contest With $100M Ecosystem Fund

Join our free newsletter for daily crypto updates!