Cryptocurrency News

Trading Caution Leads to Decreased Market Momentum

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Market Momentum Slows Amid Trading Hesitation

    <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>
    <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>
<h2>Challenges Persist for Bitcoin Beneath $70K</h2>
<p>Bitcoin managed to find a base above the $66,000 level and initiated <a href="" 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="" 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="" target="_blank"><img src="" alt="Bitcoin Price" width="1024" height="449" /></a>
    <figcaption id="caption-attachment-609947" class="wp-caption-text">Source: <a href="" target="_blank">BTCUSD on</a></figcaption>
<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>

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