Bitcoin Fails Resistance Flip, Dips Below $68K
3 min read
Bitcoin Fails Resistance Flip, Dips Below $68K
At the start of Wall Street’s opening on May 28, Bitcoin (BTC) dipped to its lowest in four days, disappointing bullish investors who had been misled by recent price action during the holiday period. According to data sources, BTC/USD hovered just below $68,000 after surging to weekly highs earlier. The climb to $70,600 over the Memorial Day holiday in the United States occurred without the participation of institutional players, such as those seeking spot Bitcoin exchange-traded funds (ETFs).
Despite initially gaining rapid momentum, Bitcoin’s latest rally was short-lived as the market swiftly erased all its gains. This volatility coincided with the movement of BTC worth $7 billion from wallets linked to the now-defunct exchange, Mt. Gox. Noting the market’s behavior, the well-known trader Credible Crypto highlighted the full retracement of the recent surge as anticipated. He suggested monitoring the market’s reaction at these lower levels.
Monitoring resources indicated that liquidity was concentrated around the current spot price, with the region near $67,000 becoming a key area of interest. Analyzing the past 24 hours of trading, another trader, Daan Crypto Trades, observed some positive effects on the market structure, particularly the clearing out of over-leveraged positions. He pointed out that all positions taken during the previous day’s move were liquidated, bringing the funding rate back to a neutral stance. While Ethereum (ETH) showed some relative strength, he cautioned that as long as Bitcoin remained in its broader trading range, low timeframe volatility would persist.
Bitcoin’s price performance remained tightly linked to its ability to break through essential resistance levels and convert them into support. Previous reports had emphasized that Bitcoin’s greatest hurdle was surpassing its all-time high from 2021 of $69,000, along with the subsequent peak of $73,800 achieved this year. On a broader scale, the trader Jelle revealed that even with the lack of upward momentum since March, the market structure on monthly timeframes remained simply consolidative.
Jelle elaborated further, noting that Bitcoin has been trading within a rising channel for the past six and a half years, starting from mid-2017 when BTC/USD reached historical highs of $20,000 in the previous market cycle. He expressed confidence that this long-term pattern wouldn’t change anytime soon. According to him, if historical trends hold true, Bitcoin is poised for another upward movement towards the higher end of this channel.
Despite the short-term volatility and setbacks, bullish visions for Bitcoin’s price remained largely undeterred. Many traders and analysts continue to hold a positive outlook, suggesting that a six-figure Bitcoin price is on the horizon. The market’s recent actions are seen as temporary fluctuations within a broader upward trajectory.
Bitcoin must navigate key resistance levels to sustain a bullish trend. Success in overcoming these barriers could pave the way for significant price gains. As the market continues to evolve, investors and traders alike will be closely watching Bitcoin’s ability to maintain its upward momentum and establish new support levels.
While Bitcoin faced a temporary decline amid recent turbulence, its longer-term prospects remain promising. The insights from seasoned traders and analysts suggest that Bitcoin’s journey toward higher price targets is far from over. This period of consolidation may just be a precursor to the next significant upward movement in the cryptocurrency market.
Financial markets always have their ups and downs. BTC’s long-term prospects remain glowing!
Buying opportunities come with every dip. Stay steady, and the rewards will follow!
Enough with the trends and patterns. Can we just get some consistent gains already??
All-time high at $73,800 feels like a distant dream now.
So much bullish talk, but the price tells a different story. Annoying!
BTC’s dip is just a test of patience. Long-term holders will be rewarded handsomely!
Temporary decline my toe. BTC needs to pull itself together.
Long-term channels are all good, but what about now? We need results soon!
The dip offers great buying opportunities! Stay strong, fellow BTC believers!
BTC’s dip to $68K is a great time to accumulate more! Future gains will be worth the wait! 💪📈
Temporary dip is not concerning. BTC’s growth story is just getting started!
Over-leveraged positions cleared out… great, another excuse for a dip. 🥴
Just a small bump in Bitcoin’s long road to success! History favors the patient!
It’s all part of the game! Volatility today, success tomorrow! Bitcoin’s path to $100K is just beginning! 🚀🌕
Mt. Gox again? Really?! How much more can the market take? 😫
BTC’s current dip is clearing out the weak hands. Bullish momentum will follow!
Another buying opportunity before the next surge! Stay focused on the bigger picture!
Short-term volatility but long-term bullish! Bitcoin’s journey is only beginning!
A temporary correction is healthy for long-term growth! Bitcoin is setting up for another massive rally!
BTC may dip in the short-term but the journey to new highs is inevitable. Patience pays off! 🌟💪
I’m tired of these ‘promising’ movements only to see it dive again. 😡
Enough with the excuses! BTC should be performing better by now. 🙄
Temporary setbacks won’t deter the bullish trend for Bitcoin. Eyes on the prize! 🌟💪
Another BTC dip! When will the volatility end??
Misleading price action yet again. Feel like Im on a rollercoaster!
Bitcoin’s fluctuations are expected. Keep calm and stay bullish! 💪🚀
Market fluctuations are normal. Long-term holders know BTC is on an upward path!
Despite the dip, the bigger picture for Bitcoin is still very promising! Long-term bullish on BTC!
Despite the dip, BTC’s long-term future looks incredibly promising! HODL!
Although BTC dipped, the long-term trajectory remains upward! Onwards and upwards! 🚀💪
Clear out the noise! Bitcoin’s fundamentals are stronger than ever. Excited for the future! 🌟🚀
A small dip won’t deter the massive potential ahead. Excited for what’s next!
Not the news we hoped for, but Bitcoin’s resilience is unmatched! 💪 Let’s keep an eye on those key resistance levels! 🚀
Market manipulation at its finest. Holidays shouldn’t cause this much fluctuation.
Every time it looks like Bitcoin is gaining ground, it plummets. Ugh.
Short-term volatility is part of crypto’s nature, but remember, it’s a marathon, not a sprint!