Bitcoin

Resistance

Bitcoin price started another decline from the $70,000 resistance zone. BTC is down over 5% and there was a move below the $67,500 support. 
<ul> 
 <li>Bitcoin price is gaining bearish momentum from the $70,000 resistance zone.</li> 
 <li>The price is trading below $68,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bearish trend line forming with resistance near $68,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could extend its decline toward the $64,000 support zone in the near term.</li> 
</ul> 
<h2 id="bitcoin-price-turns-red">Bitcoin Price Turns Red</h2> 
Bitcoin price struggled to settle above the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-consolidates-70k-2/" target="_blank" rel="noopener ">$70,000 resistance zone</a>. BTC reacted to the downside after it broke the $69,200 support zone. There was a sharp move below the $68,500 level. 
The price even declined below the $67,000 level. Finally, it tested the $66,000 with a bearish angle. A low was formed near $65,992 and the price is now attempting a recovery wave. There was a move above the $66,800 level. 
The price moved above the 23.6% Fib retracement level of the downward move from the $69,884 swing high to the $65,992 low. However, Bitcoin is now trading below $68,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-primed-to-clear-71500-and-rally-again/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bearish trend line forming with resistance near $68,400 on the hourly chart of the BTC/USD. 
Immediate resistance is near the $68,000 level. It is close to the 50% Fib retracement level of the downward move from the $69,884 swing high to the $65,992 low. The first major resistance could be $68,500 and the trend line. If there is a clear move above the $68,500 resistance zone, the price could start a fresh increase. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2eb398.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-600877" src="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2eb398.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2eb398.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2eb398.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2eb398.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2eb398.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2eb398.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2eb398.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_2eb398.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
In the stated case, the price could rise toward the $70,000 resistance zone in the near term. The next major resistance is near the $71,500 zone. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $68,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $66,000 level. 
The first major support is $65,000. The next support sits at $64,000. If there is a close below $64,000, the price could start a drop toward the $62,500 level. Any more losses might send the price toward the $60,500 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 $65,000. 
Major Resistance Levels – $68,000, $68,500, and $70,000.

Bitcoin Price Dumped To $66K As Bears Gain Strength, $64K Next?

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