Bitcoin Price Rejects $70K: Post-Fed Recovery Fails to Materialize

Bitcoin expenditure started a unfaltering climax overhanging $68,500. BTC also sampled $70,000, but post-fed there was a substantial bearish reaction.

• Bitcoin started another deprive from the $70,000 resistance stretch.
• The expenditure is trading under $68,550 and also the 100 hourly Raw relocating agenda.
• There is a affixing favorable craze queue creating via advertise at $67,500 on the hourly chart of the BTC/USD pair (data feed from Sea serpent).
• The pair can repossess but the upsides could be low overhanging the $68,550 degree.

Bitcoin Price Dips Once more

Bitcoin expenditure started a stable climax overhanging the $68,500 resistance stretch. BTC also cleared the $69,200 resistance stretch. Yet, after the Fed preserved the prices at 5.5%, there was a unfaltering bearish reaction.

The expenditure dipped under the $68,800 and also $68,500 degrees. The expenditure sampled the $67,200 stretch. A cheapened was created at $67,148 and also the expenditure is presently incorporating losses foreseeable the 23.6% Fib retracement degree of the downward glide from the $69,969 swing high to the $67,148 cheapened.

Bitcoin is presently trading under $68,800 and also the 100 hourly Raw relocating agenda. There is in addition a affixing favorable craze queue creating via advertise at $67,500 on the hourly chart of the BTC/USD pair. On the upside, the expenditure is encountering resistance foreseeable the $68,250 degree. The initially substantial resistance can be $68,550 and also the 50% Fib retracement degree of the downward glide from the $69,969 swing high to the $67,148 cheapened.

The next pivot resistance can be $69,200. A legible glide overhanging the $69,200 resistance could send the expenditure greater. In the asserted lengthening, the expenditure can climax and also checkup the $70,000 resistance. Any a ton more gains could send BTC towards the $71,200 resistance in the foreseeable term.

More Losses In BTC?

If Bitcoin fails to climb overhanging the $68,550 resistance stretch, it can start another deprive. Immediate advertise on the downside is foreseeable the $67,200 degree.

The initially substantial advertise is $67,000. The next advertise is presently creating foreseeable $66,000. Any a ton more losses could send the expenditure towards the $65,500 advertise stretch in the foreseeable term.

Technical indications:

Hourly MACD – The MACD is presently throwing away rate in the bearish stretch.

Hourly RSI (Loved one Potency Index) – The RSI for BTC/USD is presently under the 50 degree.

Monumental Maintain Levels – $67,000, complied with by $66,000.

Monumental Resistance Levels – $68,550, and also $69,200.