Bitcoin Dips but Holds Strong: Bullish Momentum Intact

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,357,879,959,138	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,357,879,959,138

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	1,493.93	2.21%	69,245.21	69,230.64	69,231.66

Price Change

Price Change %

Current Price

Bid Price

Offer

1,493.93

2.21%

69,245.21

69,230.64

69,231.66

High Price	Low Price	Open Price	Prev. Close	52 Week Range
70,295.78	67,568.00	67,717.09	67,748.41	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

70,295.78

67,568.00

67,717.09

67,748.41

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	18:31:26	0.020000	69,231.65	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

18:31:26

0.020000

69,231.65

USD

Price x Volume	Volume	Base Symbol	Related Pairs
906,504,181.48	13,103.71	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

906,504,181.48

13,103.71

Bitcoin Dips but Holds Strong: Bullish Momentum Intact

22/05/2024 2:24am

NEWSBTC

Bitcoin price started a downside correction from the $72,000 zone. BTC is now consolidating near $70,000 and might eye another increase in the near term. Bitcoin struggled above the $71,800 resistance zone. The price is trading above $69,000 and the 100 hourly Simple moving average. There is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase unless there is a move below $68,800. Bitcoin Price Corrects Gains Bitcoin price gained pace for a move above the $70,000 level. BTC even spiked above $71,200 before the bears appeared near $72,000. A new weekly high was formed at $71,896 and the price recently started a downside correction. The price declined below the $71,000 level and the 23.6% Fib retracement level of the upward wave from the $66,047 swing low to the $71,896 high. However, the bulls are active above the $68,800 support zone. Bitcoin also trades above $69,000 and the 100 hourly Simple moving average. Besides, there is a key bullish trend line forming with support at $69,200 on the hourly chart of the BTC/USD pair. The price is now facing resistance near the $70,500 level. The first major resistance could be $71,200. The next key resistance could be $71,850. A clear move above the $71,850 resistance might send the price higher. In the stated case, the price could rise and test the $72,500 resistance. If the bulls push the price further higher, there could be a move toward the $73,200 resistance zone. Any more gains might send BTC toward the $74,500 resistance. Are Dips Supported In BTC? If Bitcoin fails to climb above the $71,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $69,200 level and the trend line. The first major support is $69,000. The main support is now forming near $68,800 or the 50% Fib retracement level of the upward wave from the $66,047 swing low to the $71,896 high. Any more losses might send the price toward the $67,300 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $69,200, followed by $68,800. Major Resistance Levels – $70,500, $71,200, and $71,800.

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