Bitcoin (BTC) Price Dips After $69K Resistance Breach Attempt Fails

In the last 24 hours, Bitcoin’s (BTC) price has been in a bearish phase after failing to breach the $69,336 resistance. Despite a robust weekly close, the cryptocurrency was unable to sustain a rally beyond the $69,000 resistance, marking another unsuccessful attempt to flip this resistance to support, prompting discussions about potential lower-level tests.

BTC/USD 24-hour price chart (source: CoinMarketCap)

As of press time, BTC was trading at $68,499, a 0.02% dip from its intra-day high. During the dip, BTC’s market capitalization decreased by 0.82% to $1,349,522,566,505. Conversely, the 24-hour trading volume surged by 23% to $18,603,572,455, suggesting that traders are continuing to accumulate.

Bitcoin (BTC) Price Trend

Throughout the previous week, Bitcoin prices oscillated near the $69,000 resistance level. Despite a brief surge above $69,500, the predominant sentiment among market participants was one of caution, leading to a price consolidation. Market analysts observed that the $69,000 level has emerged as a significant resistance point that Bitcoin has struggled to surpass convincingly.

#Bitcoin Liquidation Heatmap 👇

As price is ranging around ~$69K, there’s some liquidity building up on both sides.

Most notably: $68.3K & $69.8K.

Good levels to watch in the short term going iinto next week. pic.twitter.com/ZjFYHwznU6

— Daan Crypto Trades (@DaanCrypto) May 26, 2024

The insights shared by Daan Crypto Trades on X highlighted that liquidity was notably building up around $68,300 and $69,800. These levels are crucial as they represent potential pivot points for short-term price movements. Moreover, as the United States markets closed for the Memorial Day holiday, reduced trading volumes were expected, potentially leading to decreased volatility.

Nevertheless, the presence of substantial liquidity near the current spot price suggests that Bitcoin might soon face a liquidity raid, which could lead to a sudden price movement if large market orders are triggered.

Moreover, analysts have weighed in on Bitcoin resistance at $69,000, suggesting that flipping this resistance to support could be key for further upward movement toward the $73,000 level.

#Bitcoin aims to consolidate in these levels.

Where to buy?

Losing $66K and I think we’ll test range low and be buying there again.

That’s the level where you’d want to get your purchases ready. pic.twitter.com/RoYYzJJnt8

— Michaël van de Poppe (@CryptoMichNL) May 27, 2024

Conversely, a failure to hold above the resistance has led to the consideration of lower buying points. In this context, Michael Vande Pope, a crypto analyst, suggested that Bitcoin might be preparing for a retest of the lower range near $66,000, emphasizing this as a critical buy level for investors.

BTC/USD Technical Analysis

On the BTCUSD price chart, the Relative Strength Index (RSI), currently at 57.93, suggests that Bitcoin is neither overbought nor oversold, providing room for a potential upward trend. However, with the RSI below its signal line, a downward trend may be building.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicates a bullish trend as it remains above the signal line. On the contrary, the histogram makes lower bars, suggesting a waning bullish momentum.

BTC/USD 24-hour price chart (source: TradingView)

Despite this, the falling wedge pattern observed on the BTC price chart suggests a bullish outcome. This trend aligns with analysts’ view of BTC flipping the $69K resistance to support hence targeting the $73,000 level.

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