30/05/24

1426

The chart of BTC/USD shows that the bears were able to push it further beneath $69k. The bearish momentum provided prompted a move beneath the support level at $68k and BTC eventually visited the $67k area.

BTC reached levels as low as $67.1k prior to initiating the current consolidation of losses. The bulls pushed BTC somewhat back to the upside above $67.5k, as well as above the 23.6% Fibonacci correction level of the fall from $70.6k swing high to $67.1k low, with a declining angle.

A look at its 1-hour chart shows that its current performance is at levels beneath $68.5k as well as below the 100 hourly SMA. BTC is encountering a barrier level close to $68k on the way upward. The same chart shows the formation of a major declining trend line with a barrier level at $67.9k.