Bitcoin Price Pulls Back: Will Bulls Conquer the Selling Pressure?
July 29 2024 - 10:37PM
NEWSBTC
Bitcoin price started a downside correction from the $70,000
resistance. BTC is now correcting gains and might extend losses if
it trades below $66,000. Bitcoin struggled near $70,000 and started
a downside correction. The price is trading below $68,500 and the
100 hourly Simple moving average. There was a break below a key
bullish trend line with support at $68,620 on the hourly chart of
the BTC/USD pair (data feed from Kraken). The pair might extend
losses if it fails to stay above the $66,000 support zone. Bitcoin
Price Dips Again From $70,000 Bitcoin price extended gains above
the $68,500 resistance zone. BTC even spiked toward the $70,000
resistance zone. However, it failed to stay near $70,000 and
started a downside correction. There was a move below the $68,500
and $68,000 support levels. Besides, there was a break below a key
bullish trend line with support at $68,620 on the hourly chart of
the BTC/USD pair. The pair even declined below the $66,500 support
zone. It tested the $66,000 zone. A low is formed at $66,063 and
the price is now consolidating losses. Bitcoin price is trading
below $68,500 and the 100 hourly Simple moving average. On the
upside, the price could face resistance near the $67,000 level. The
first key resistance is near the $67,200 level or the 23.6% Fib
retracement level of the downward move from the $69,985 swing high
to the $66,036 low. A clear move above the $67,200 resistance might
send the price further higher in the coming sessions. The next key
resistance could be $68,000 or the 50% Fib retracement level of the
downward move from the $69,985 swing high to the $66,036 low. The
next major hurdle sits at $68,500. A close above the $68,500
resistance might spark bullish moves. In the stated case, the price
could rise and test the $70,000 resistance. More Losses In BTC? If
Bitcoin fails to recover above the $67,200 resistance zone, it
could start another decline. Immediate support on the downside is
near the $66,000 level. The first major support is $65,500. The
next support is now 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 gaining pace in the
bearish zone. Hourly RSI (Relative Strength Index) – The RSI for
BTC/USD is now below the 50 level. Major Support Levels – $66,000,
followed by $65,500. Major Resistance Levels – $67,200, and
$68,000.
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