NewsBTC
05 November 2024
Обновлено 05 November
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Bitcoin Price Declines Below $70,000 Amid Weakness Signals

Bitcoin price is currently below the $69,500 threshold, indicating weakness with potential upside resistance near $69,200.

  • Bitcoin began a decline from the $70,000 zone.
  • The price remains below $70,000 and the 100 hourly Simple Moving Average.
  • A bearish trend line is forming with resistance at $68,400 on the BTC/USD hourly chart (data feed from Kraken).
  • The pair may struggle to recover above the $69,200 resistance level.

Bitcoin Price Faces Hurdles

Bitcoin price did not initiate a recovery and extended losses below the $70,500 area. The price fell below both the $70,000 and $69,200 support levels.

The price dropped below $68,000, reaching a low of $66,836 before attempting a recovery. It moved back above the $67,500 resistance and tested the 23.6% Fibonacci retracement level of the decline from the $71,576 swing high to the $66,836 low.

Currently, Bitcoin trades below $70,000 and the 100 hourly Simple Moving Average. Resistance is anticipated near $68,200, with an additional bearish trend line at $68,400 on the hourly chart.

The primary resistance level is near $69,200, corresponding to the 50% Fibonacci retracement of the downward movement from $71,576 to $66,836. A clear break above $69,200 could lead to further increases, potentially targeting $70,000.

Bitcoin Price

A close above $70,000 could trigger additional gains, possibly leading to a test of the $71,200 resistance level, with further gains aiming for $72,000.

Another Decline In BTC?

If Bitcoin does not surpass the $69,200 resistance, it may initiate another decline. Immediate support is near the $67,400 level.

The first significant support is around $66,800, followed by $66,500. Further losses could push the price toward the $65,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is weakening in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is below the 50 level.

Major Support Levels – $67,500 and $66,800.

Major Resistance Levels – $69,200 and $70,000.