{"id":624340,"date":"2024-06-13T03:24:18","date_gmt":"2024-06-13T03:24:18","guid":{"rendered":"https:\/\/ktsl888.com\/?p=624340"},"modified":"2024-06-13T03:24:18","modified_gmt":"2024-06-13T03:24:18","slug":"bitcoin-price-rejects-70k-2","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/analysis\/btc\/bitcoin-price-rejects-70k-2\/","title":{"rendered":"Bitcoin Price Rejects $70K: Post-Fed Recovery Fails to Materialize"},"content":{"rendered":"<p><em>Bitcoin price started a strong increase above $68,500. BTC even tested $70,000, but post-fed there was a major bearish reaction.<\/em><\/p>\n<ul>\n<li>Bitcoin started another decline from the $70,000 resistance zone.<\/li>\n<li>The price is trading below $68,550 and the 100 hourly Simple moving average.<\/li>\n<li>There is a connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could recover but the upsides might be limited above the $68,550 level.<\/li>\n<\/ul>\n<h2>Bitcoin Price Dips Again<\/h2>\n<p>Bitcoin price started a <a href=\"https:\/\/ktsl888.com\/news\/bitcoin-in-decline-66k\/\" target=\"_blank\" rel=\"noopener \">steady increase<\/a> above the $68,500 resistance zone. BTC even cleared the $69,200 resistance zone. However, after the Fed kept the rates at 5.5%, there was a strong bearish reaction.<\/p>\n<p>The price dipped 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% Fib retracement level of the downward move from the $69,969 swing high to the $67,148 low.<\/p>\n<p>Bitcoin is now trading below $68,800 and the <a href=\"https:\/\/ktsl888.com\/news\/bitcoin-price-falters-68k\/\" target=\"_blank\" rel=\"noopener \">100 hourly Simple moving average<\/a>. There is also a connecting 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% Fib retracement level of the downward move from the $69,969 swing high to the $67,148 low.<\/p>\n<figure id=\"attachment_624341\" aria-describedby=\"caption-attachment-624341\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_cac22b.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-624341 size-full\" src=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_cac22b.png?resize=1024%2C461\" alt=\"Bitcoin Price\" width=\"1024\" height=\"461\" srcset=\"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_cac22b.png?w=1835 1835w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_cac22b.png?w=460 460w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_cac22b.png?w=768 768w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_cac22b.png?w=860 860w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_cac22b.png?w=1536 1536w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_cac22b.png?w=750 750w, https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/06\/Bitcoin_cac22b.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-624341\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<p>The next key resistance could be $69,200. A clear move above the $69,200 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $71,200 resistance in the near term.<\/p>\n<h2>More Losses In BTC?<\/h2>\n<p>If Bitcoin fails to climb above the $68,550 resistance zone, it could start another decline. Immediate support on the downside is near the $67,200 level.<\/p>\n<p>The first major support is $67,000. The next support is now forming near $66,000. Any more losses might send the price toward the $65,500 support zone in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now losing pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $67,000, followed by $66,000.<\/p>\n<p>Major Resistance Levels \u2013 $68,550, and $69,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price started a strong increase above $68,500. BTC even tested $70,000, but post-fed there was a major bearish reaction. Bitcoin started 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 connecting bullish trend line forming with support at $67,500 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could recover but the upsides might be limited above the $68,550 level. Bitcoin Price Dips Again Bitcoin price started a steady increase above the $68,500 resistance zone. BTC even cleared the $69,200 resistance zone. However, after the Fed kept the rates at 5.5%, there was a strong bearish reaction. The price dipped 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% Fib retracement level of the downward move from the $69,969 swing high to the $67,148 low. Bitcoin is now trading below $68,800 and the 100 hourly Simple moving average. There is also a connecting 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% Fib retracement level of the downward move from the $69,969 swing high to the $67,148 low. The next key resistance could be $69,200. A clear move above the $69,200 resistance might send the price higher. In the stated case, the price could rise and test the $70,000 resistance. Any more gains might send BTC toward the $71,200 resistance in the near term. More Losses In BTC? If Bitcoin fails to climb above the $68,550 resistance zone, it could start another decline. Immediate support on the downside is near the $67,200 level. The first major support is $67,000. The next support is now forming near $66,000. Any more losses might send the price toward the $65,500 support zone in the near term. Technical indicators: Hourly MACD \u2013 The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level. Major Support Levels \u2013 $67,000, followed by $66,000. Major Resistance Levels \u2013 $68,550, and $69,200.<\/p>\n","protected":false},"author":67,"featured_media":624342,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361],"tags":[428,679,1144,78790,76835],"class_list":["post-624340","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btcusd","tag-btcusdt","tag-xbtusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Rejects $70K: Post-Fed Recovery Fails to Materialize<\/title>\n<meta name=\"description\" content=\"Bitcoin price started a strong increase above $68,500. 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