Bitcoin

Resistance

Drops

Bitcoin price struggled to recover above the $68,000 resistance zone. BTC is again moving lower and might even decline below the $66,000 support zone. 
<ul> 
 <li>Bitcoin started another decline from the $68,200 resistance zone.</li> 
 <li>The price is trading below $68,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $67,150 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 $68,000 level.</li> 
</ul> 
<h2 id="bitcoin-price-turns-red-again">Bitcoin Price Turns Red Again</h2> 
Bitcoin price struggled to climb above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-70k-2/" target="_blank" rel="noopener ">$68,500 resistance zone</a>. BTC remained in a bearish zone and extended losses below the $67,200 level. There was a move below the $67,000 level. 
The price tested the $66,250 zone. A low was formed at $66,244 and the price is now consolidating losses below the 23.6% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. Bitcoin is now trading below $68,000 and the <a href="https://www.newsbtc.com/news/bitcoin-in-decline-66k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. 
It seems like the price is forming a short-term base above the $66,250 zone, but there are many hurdles for the bulls. On the upside, the price is facing resistance near the $67,150 level. There is also a connecting bearish trend line forming with resistance at $67,150 on the hourly chart of the BTC/USD pair. 
The first major resistance could be $68,000 and the 50% Fib retracement level of the downward wave from the $69,970 swing high to the $66,244 low. The next key resistance could be $68,500. A clear move above the $68,500 resistance might send the price higher. <a href="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_76596a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="wp-image-624530 size-full" src="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_76596a.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_76596a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_76596a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_76596a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_76596a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_76596a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_76596a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/Bitcoin_76596a.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
In the stated case, the price could rise and test the $69,200 resistance. Any more gains might send BTC toward the $70,000 resistance in the near term. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to climb above the $67,150 resistance zone, it could start another decline. Immediate support on the downside is near the $66,250 level. 
The first major support is $66,000. The next support is now forming near $65,000. Any more losses might send the price toward the $63,500 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 Bears Gain Control: Further Drops on the Horizon

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