Bitcoin Price Could Attempt to Recover Lost Ground But Faces Many Hurdles

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,199,411,426,986	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,199,411,426,986

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	233.93	0.38%	61,046.73	61,046.73	61,046.74

Price Change

Price Change %

Current Price

Bid Price

Offer

233.93

0.38%

61,046.73

61,046.74

High Price	Low Price	Open Price	Prev. Close	52 Week Range
61,244.00	60,720.05	60,810.93	60,812.80	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

61,244.00

60,720.05

60,810.93

60,812.80

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	05:53:53	0.001508	61,046.74	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

05:53:53

0.001508

61,046.74

USD

Price x Volume	Volume	Base Symbol	Related Pairs
117,581,078.20	1,928.39	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

117,581,078.20

1,928.39

Bitcoin Price Could Attempt to Recover Lost Ground But Faces Many Hurdles

20/06/2024 3:35am

NEWSBTC

Bitcoin price is consolidating above the $64,000 level. BTC could try to follow Ethereum and recover if it manages to clear the $65,650 resistance zone. Bitcoin started a minor recovery wave above the $65,000 level. The price is trading below $65,500 and the 100 hourly Simple moving average. There is a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a recovery wave if it clears the $65,400 and $65,650 resistance levels. Bitcoin Price Faces Resistance Bitcoin price extended its losses and traded below the $65,000 level. BTC even tested the $64,000 zone. A low was formed at $64,050 and the price is now correcting losses. There was a minor recovery above the $64,500 level. The price climbed above the 23.6% Fib retracement level of the recent drop from the $67,255 swing high to the $64,050 low. However, the bears are still active near the $65,500 zone. Bitcoin is now trading below $65,500 and the 100 hourly Simple moving average. There is also a short-term contracting triangle forming with resistance at $65,400 on the hourly chart of the BTC/USD pair. On the upside, the price is facing resistance near the $65,400 level and the triangle trend line. The first major resistance could be $65,650 or the 50% Fib retracement level of the recent drop from the $67,255 swing high to the $64,050 low. The next key resistance could be $66,000. A clear move above the $66,000 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $66,550 resistance. Any more gains might send BTC toward the $67,500 resistance in the near term. Another Decline In BTC? If Bitcoin fails to climb above the $65,650 resistance zone, it could start another decline. Immediate support on the downside is near the $64,850 level. The first major support is $64,400. The next support is now forming near $64,000. Any more losses might send the price toward the $63,200 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $64,400, followed by $64,000. Major Resistance Levels – $65,400, and $65,650.

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