Bitcoin price started a strong increase above $68,500. BTC even tested $70,000, but after the feed there was a huge bearish reaction.
- Bitcoin began another decline from the $70,000 resistance zone.
- The price is trading below $68,550 and the 100 hourly simple moving average.
- There is a bullish trendline forming with support at $67,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair may recover, but upside may be limited above the $68,550 level.
Bitcoin price drops again
The price of Bitcoin started a constant increase above the $68,500 resistance zone. BTC even surpassed the $69,200 resistance zone. However, after the Fed kept rates at 5.5%, there was a strong downward reaction.
The price fell 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% Fibonacci retracement level of the downward move from the $69,969 swing high to $67,148 low.
Bitcoin is now trading below $68,800 and the 100 hour simple moving average. There is also a 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% Fibonacci retracement level of the downward move from the $69,969 swing high to $67,148 low.
![Bitcoin Price Rejects $70,000: Post-Fed Recovery Fails to Materialize 1 Bitcoin Price](https://thegurumedia.com/wp-content/uploads/2024/06/Bitcoin_cac22b.png)
The next key resistance could be at $69,200. A clear move above the $69,200 resistance could push the price higher. In this case, the price could rise and test the $70,000 resistance. Any further gains could send BTC towards the $71,200 resistance in the near term.
More losses in BTC?
If Bitcoin fails to rise above the $68,550 resistance zone, it could begin another decline. Immediate downside support is near the $67,200 level.
The first major support is at $67,000. The next support is now forming near $66,000. Further losses could send the price towards 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.
Key support levels – $67,000, followed by $66,000.
Main resistance levels – $68,550 and $69,200.