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Home»EXCHANGE NEWS»As the market reacts to the Fed’s decision, prices turn red.
EXCHANGE NEWS

As the market reacts to the Fed’s decision, prices turn red.

By Crypto FlexsJune 12, 20242 Mins Read
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As the market reacts to the Fed’s decision, prices turn red.
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Bitcoin price extended losses below the $67,500 support area. BTC has tested the $66,000 support zone and is currently attempting a recovery.

  • Bitcoin began another downtrend below the $68,500 support zone.
  • The price is trading below $68,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) has a bearish trend line attached, forming at resistance $68,650.
  • The pair may recover, but the upside may be limited above the $68,500 level.

Bitcoin price plummets

Bitcoin price failed to start another rally above the $68,500 resistance zone. BTC reacted to the decline and traded below the $68,000 level. It fell below the $67,500 and $67,000 levels.

Prices tested the $66,000 area. A low was formed at $66,059 and the price is currently consolidating losses above the 23.6% Fib retracement level moving down from the $70,143 swing high to the $66,059 low. Bitcoin is currently trading below $68,500 and the 100-hour simple moving average.

On the other hand, the price is finding resistance near $67,600. The first major resistance could be $68,000 and the 50% Fib retracement level of a downward move from the $70,143 swing high to the $66,059 low.

The next major resistance could be $68,500. On the hourly chart of the BTC/USD pair, there is also a bearish trend line connecting with resistance at $68,650. The trend line is also close to the 100-hour simple moving average.

Source: TradingView.com BTCUSD

A clear break above the $68,500 resistance could push the price higher. If indicated, the price could move higher and test the $69,000 resistance. Further gains could push BTC towards the $70,200 resistance in the near term.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $68,500 resistance zone, another decline could begin. Immediate support for the downside is near the $66,700 level.

The first major support is at $66,200. The next support is currently forming near $66,000. More losses could lead the price towards the $65,500 support area in the near term.

Technical indicators:

Hourly MACD – MACD is currently losing pace in bearish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now below the 50 level.

Key support levels – $66,700, then $66,000.

Key resistance levels – $68,000 and $68,500.

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