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Bitcoin Dips From $70K Milestone: Are The Dips Supported?

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Aayush Jindal

Key Highlights

  • Bitcoin price rallied above the $66,500 and $68,500 resistance levels.
  • BTC is trading above a key bullish trend line with support at $66,000 on the 4-hour chart.
  • EUR/USD extended losses below the 1.0850 support zone.
  • Oil prices are still at risk of more losses below $76.50.

Bitcoin Price Technical Analysis

Bitcoin price started a fresh increase after it cleared the $65,000 hurdle. BTC/USD broke a few important resistances near the $66,500 level to enter a positive zone.

Looking at the 4-hour chart, the price settled well above the $67,500 zone, the 100 simple moving average (red, 4 hours), and the 200 simple moving average (green, 4 hours). The bulls even pushed the price above the $68,500 resistance zone.

Finally, it tested the $70,000 resistance zone. The price is now correcting gains and might correct in the short term. Immediate support is near the $66,200 level.

The next key support sits at $66,000. There is also a key bullish trend line forming with support at $66,000 on the 4-hour chart, below which the price might test the 100 simple moving average (red, 4 hours) at $65,500.

A downside break below $65,500 might send Bitcoin toward the 200 simple moving average (green, 4 hours) at $62,000. Any more losses might send the price toward the $60,000 support zone.

On the upside, the price might struggle to settle above $68,000. A successful close above $68,000 might start another steady increase. In the stated case, the price may perhaps rise toward the $70,000 level.

Looking at EUR/USD, the bears remained in action, and they were able to push the pair below the 1.0850 support zone.

Today’s Economic Releases

  • US Housing Price Index for May 2024 (MoM) - Forecast +0.2%, versus +0.2% previous.
  • S&P/Case-Shiller Home Price Indices for May 2024 (YoY) - Forecast +6.6%, versus +7.2% previous.
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