Trading Caution Leads to Decreased Market Momentum

<div>
    <p><em>The Bitcoin exchange rate is gradually losing its upward drive and remains subdued beneath the $70,000 mark. BTC is currently in a phase of consolidation, facing obstacles in the vicinity of the $69,500 resistance level.</em></p>
<ul>
    <li>Bitcoin is confronting several significant barriers close to the $70,000 threshold.</li>
    <li>Its valuation hovers above $69,500 and above the 100 hourly Simple Moving Average.</li>
    <li>A crucial bearish trend line has been identified with resistance positioned at $69,100 on the hourly chart for the BTC/USD pair (sourced from Kraken).</li>
    <li>The cryptocurrency might persist on a downward path if it cannot breach the $70,000 barrier.</li>
</ul>
<h2>Challenges Persist for Bitcoin Beneath $70K</h2>
<p>Bitcoin managed to find a base above the $66,000 level and initiated <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-dips-68250/" target="_blank">a modest recovery</a>. It overcame the resistance at $68,000. Yet, resistance was formidable around $69,500 and $70,000.</p>
<p>The cryptocurrency peaked near $69,608 and is now witnessing a retreat from highs. It broke below the 23.6% Fibonacci retracement of the upward trajectory from the $66,250 low to the $69,608 peak. It also brushed the $68,000 support level.</p>
<p>Bulls are now defending the 50% Fibonacci retracement of the ascent from the $66,250 nadir to the $69,608 zenith. The Bitcoin price is transacting above $69,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-support-68800/" target="_blank">100 hourly Simple Moving Average</a>.</p>
<p>Should Bitcoin experience a resurgence, it may encounter resistance near the $69,000 mark. Moreover, the aforementioned bearish trend line persists with resistance at $69,100 on the hourly BTC/USD chart. The primary hurdle is at $69,500.</p>
<figure id="attachment_609947" aria-describedby="caption-attachment-609947" class="wp-caption alignnone">
    <a href="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449" target="_blank"><img src="https://www.newsbtc.com/wp-content/uploads/2024/05/Bitcoin_56e36d.png?resize=1024%2C449" alt="Bitcoin Price" width="1024" height="449" /></a>
    <figcaption id="caption-attachment-609947" class="wp-caption-text">Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank">BTCUSD on TradingView.com</a></figcaption>
</figure>
<p>A definitive climb over the $70,000 resistance level could prompt an extended upward move. Under such a scenario, the price could aspire to reach the $71,200 resistance. Further advancements could propel BTC towards the $72,000 level.</p>
<h2>Potential for Additional Downtrend in BTC?</h2>
<p>Should Bitcoin be unable to escalate above the $69,500 resistance territory, there's a likelihood it could extend its downward journey. The next immediate foundation is around the $68,000 benchmark.</p>
<p>Significant support fixtures are now at $67,500 and then at $67,000. Should the decline continue, the crypto could target the support region around $65,500 in the near future.</p>
<p>Technical Indicators:</p>
<p>Hourly MACD – The MACD appears to be weakening within the bearish area.</p>
<p>Hourly RSI (Relative Strength Index) – The BTC/USD RSI has descended below the midline of 50.</p>
<p>Notable Support Levels – $67,500, subsequently $67,000.</p>
<p>Notable Resistance Levels – $69,100, and thereafter $69,500.</p>
</div>

Please note that I left the structure of the original content intact, including the HTML tags, list items, and the overall formatting. The text content within the tags has been rewritten to convey the same information in a different wording.

Source link

#Market #Momentum #Slows #Trading #Hesitation