Bitcoin Price Falters: Another Downturn in Crypto Prices 📉
Bitcoin price failed to stay above the $68,500 support zone, extending its losses and showing bearish signs below the $68,800 level. Let's dive into the recent developments in the Bitcoin market.

Recent Decline in Bitcoin Price
Bitcoin started another decline from the $70,150 resistance zone. Despite a brief surge above $70,000, BTC couldn't maintain its momentum. A high was formed at $70,142 before the price began to drop again. It fell below the crucial support levels of $69,500 and $68,500, reaching a low of $67,920.
Current Trading Status
As of now, Bitcoin is trading below $69,500 and the 100-hourly Simple Moving Average (SMA). The price is facing resistance near the $68,800 level. The first major resistance is at $69,000, aligning with the 50% Fibonacci retracement level of the recent drop from $70,142 to $67,920.
Key Resistance Levels
The next significant resistance is at $69,500, highlighted by a bearish trend line on the hourly chart of the BTC/USD pair. A clear move above this resistance could propel Bitcoin higher, potentially testing the $70,000 level again. If Bitcoin manages to break past $70,000, further gains might push it towards the $71,200 resistance.
Potential for More Losses?
If Bitcoin fails to climb above the $69,500 resistance zone, another decline could be imminent. Immediate support on the downside is near the $68,000 level. The first major support is at $67,650, followed by $67,500. Should the price continue to drop, it might head towards the $66,400 support zone in the near term.

Technical Indicators
- Hourly MACD: The MACD is gaining momentum in the bearish zone.
- Hourly RSI: The RSI for BTC/USD is now below the 50 level, indicating bearish sentiment.
- Major Support Levels: $68,000, followed by $67,500.
- Major Resistance Levels: $69,000, and $69,500.
Conclusion
Bitcoin's recent price action indicates bearish tendencies, with key support levels being tested. Traders should watch the $69,500 resistance closely, as a break above it could signal a potential recovery. However, failure to breach this level might lead to further declines. Stay informed and trade wisely! 🧐💹

Bitcoin price started a downside correction from the $71,650 resistance zone. BTC is now consolidating and might correct toward the $69,500 support.
💡 Key Highlights:
- Bitcoin struggled above $71,500 and started a downside correction.
- The price is trading above $70,000 and the 100 hourly Simple Moving Average.
- There was a break below a key bullish trend line with support at $70,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could decline further if there is a move below the $70,000 level.
📉 Bitcoin Price Starts Correction
Bitcoin price extended its increase above the $70,000 level. BTC was able to clear the $70,500 and $71,200 levels to move further into a positive zone. However, the bears were active near the $71,650 zone.
A high was formed at $71,682, and the price started a downside correction. The price declined below the 23.6% Fib retracement level of the upward wave from the $67,285 swing low to the $71,682 high. There was also a break below a key bullish trend line with support at $70,650 on the hourly chart of the BTC/USD pair.
The price tested the $70,200 support zone. Bitcoin is now trading above $70,000 and the 100 hourly Simple Moving Average. On the upside, the price is facing resistance near the $70,800 level.
🚀 Upside Potential
The first major resistance could be $71,200. The next key resistance could be $71,650. A clear move above the $71,650 resistance might send the price higher. In this case, the price could rise and test the $72,000 resistance. Any more gains might send BTC toward the $73,200 resistance.
🔻 More Downsides in BTC?
If Bitcoin fails to climb above the $71,200 resistance zone, it could continue to move down. Immediate support on the downside is near the $70,200 level.
The first major support is $70,000. The next support is now forming near $69,500 or the 50% Fib retracement level of the upward wave from the $67,285 swing low to the $71,682 high. Any more losses might send the price toward the $68,500 support zone in the near term.

📊 Technical Indicators:
- Hourly MACD: The MACD is now losing pace in the bullish zone.
- Hourly RSI (Relative Strength Index): The RSI for BTC/USD is now below the 50 level.
⚠️ Major Support Levels: $70,200, followed by $70,000.
🔼 Major Resistance Levels: $71,200, and $71,650.
Is this just a temporary setback, or a golden buying opportunity? Share your thoughts! 💬👇

#icryptobob #BTC☀ #Binance55thProject(IO)
$BTC

📈 Polkadot (DOT) is consolidating gains above the $7.40 zone against the US Dollar. It could start another increase if it clears the $7.70 resistance. 🚀

- DOT gained pace and tested the $7.70 resistance level.
- The price is trading above the $7.20 zone and the 100-hourly simple moving average. 📊
- There’s a key bullish trend line forming with support at $7.40 on the hourly chart of the DOT/USD pair (data from Kraken).
- The pair could continue to rise if it stays above the $7.20 support.
Polkadot Price Holds Support 💪
After forming a base above $6.80, DOT started a decent increase. It broke many hurdles near $7.20 and spiked above $7.65, forming a high at $7.69. The price is now consolidating gains, similar to Ethereum and Bitcoin.
There was a move below the $7.50 support zone, dipping under the 23.6% Fib retracement level of the upward move from the $6.91 low to the $7.69 high.
DOT is trading above $7.20 and the 100 SMA (4 hours). There’s a bullish trend line with support at $7.40 on the hourly chart. Immediate resistance is near $7.70.
The next major resistance is near $7.80. A break above $7.80 could spark a strong rally toward $8.20 in the near term. The next major resistance is seen near the $8.50 zone. 🎯
More Downsides in DOT?
If DOT fails to rise above $7.70, it could move down. The first key support is near $7.40 and the trend line.
The next major support is near $7.30 and the 100 SMA (4 hours) or the 50% Fib retracement level of the upward move from $6.91 to $7.69, below which the price might decline to $7.00. More losses could open the doors for a move toward $6.90 or $6.80.

Technical Indicators 📉
- Hourly MACD – The MACD for DOT/USD is gaining momentum in the bullish zone.
- Hourly RSI – The RSI for DOT/USD is above the 50 level.
Major Support Levels – $7.40, $7.30, $7.10.
Major Resistance Levels – $7.70, $7.80, $8.20
#CryptoWatchMay2024 #dotcoin #tradingtechnique #icryptobob #CryptoNewss
@Polkadot Maxi
@Polkadot Network
$DOT

In an electrifying turn of events, the cryptocurrency market witnessed a formidable surge propelled by the release of softer-than-expected U.S. inflation data. Bitcoin (BTC) took center stage, breaching the $66,000 mark for the first time since April 24, registering an impressive 7% surge within a 24-hour period. Meanwhile, Ether (ETH) hovered close to the $3,000 threshold, albeit trailing with a modest 4% gain.
Market Dynamics:
Solana (SOL) and NEAR Protocol (NEAR) emerged as frontrunners among major cryptocurrencies, logging remarkable gains of 8% and 12%, respectively. The broader market, as represented by the CoinDesk 20 Index (CD20), also rallied, showcasing a robust 6% increase.
Impact of U.S. Inflation Data:
This exhilarating rally coincided with the unveiling of April's U.S. Consumer Price Index (CPI) figures, which exhibited a slight dip compared to March, accompanied by a relatively subdued retail sales report. Investors breathed a collective sigh of relief, interpreting the data as a bullish signal amidst concerns of resurgent inflation and a burgeoning economy, potentially nudging the Federal Reserve towards reconsidering its dovish stance and contemplating interest rate hikes.
Expert Analysis:
Bitfinex analysts hailed the decline in CPI as a "bullish regime shift," marking the first contraction in inflation over the past three months. Coupled with the Federal Reserve's earlier announcement regarding the intention to taper the central bank's balance sheet run-off, this development was perceived as favorable for risk assets.

Market Response:
In tandem with the buoyant sentiment in the crypto space, traditional markets witnessed a surge, with the S&P 500 index surging by over 1% to achieve a new all-time high, underscoring a resurgence in risk appetite.
Technical Analysis:
The surge in Bitcoin prices also signaled a breakout from a persistent downtrend that had previously capped prices in recent weeks, according to analysts at Swissblock. Describing it as a long-awaited move, Swissblock emphasized the significance of today's events, attributing the breakthrough to the CPI and retail sales data.
Future Outlook:
With the path cleared for BTC to potentially rally to $69,000 initially and potentially target new all-time highs around the $84,000 mark, the report suggested that altcoins would likely follow suit with a strong surge during the next leg up. 📈🔥
#icryptobob #ETFvsBTC #CryptoWatchMay2024
$BTC

📈💥 Over the past 24 hours, Bitcoin (BTC) has surged to $66,000, marking an impressive 7% increase within a day. This meteoric rise in value is fueled by a confluence of macroeconomic factors, notably the latest US inflation data.
Bitcoin's Price Rally Amidst Falling US Core Inflation
Recent data from the US Consumer Price Index (CPI) indicates a drop in core inflation to a 3-year low of 3.4%. This decline has ignited significant activity within the Bitcoin market, drawing keen interest from major global financial institutions. The observed correlation between reduced inflation and heightened investment in digital assets suggests that investors perceive Bitcoin as a hedge against economic uncertainty.
The favorable inflation metrics also hint at potential forthcoming reductions in US interest rates. While the Federal Reserve has adopted a cautious "wait-and-see" stance, the latest data could expedite their decision-making process. However, concerns linger regarding the pace of inflation deceleration, potentially limiting the scope of rate adjustments throughout the year.
Bitcoin's upward trajectory is further propelled by mounting institutional interest, particularly in Bitcoin ETFs. Recent SEC filings unveil substantial investments in Bitcoin ETFs by industry giants like JPMorgan, Wells Fargo, UBS, and Bank of Montreal. These disclosures have played a pivotal role in bolstering Bitcoin's market capitalization.
Adding fuel to the market's bullish sentiment are investments from entities like the State of Wisconsin Investment Board, which recently allocated $99 million to BlackRock's Spot Bitcoin ETF. This influx of institutional capital not only underscores Bitcoin's attractiveness as an investment but also solidifies its legitimacy and stability as an asset class.
The ETF landscape buzzes with anticipation as more institutions gear up to enter the fray. Of particular note is the recent appointment of Salim Ramji, former head of global ETFs at BlackRock, as the CEO of Vanguard. Vanguard, previously hesitant about spot Bitcoin ETFs, may reevaluate its stance under Ramji's leadership, potentially opening doors to broader institutional participation.
This anticipated shift is poised to sustain Bitcoin's upward trajectory as more institutional investors integrate it into their portfolios. The ongoing evolution in the ETF realm, coupled with macroeconomic dynamics, offers a robust framework for deciphering Bitcoin's recent surge and its sustained ascent in value.
#icryptobob #BTC☀️ #ETFvsBTC
$BTC

🚀📈 XRP Set For Major Upswing: Top Analyst Reveals Timing For $10-$20 Price Milestone 💰🔥

XRP, the cryptocurrency synonymous with Ripple, has been ensnared in an extensive period of consolidation, oscillating between $0.300 and $0.600 over the past seven years. Despite a fleeting surge during the 2021 bull run that propelled XRP to a three-year pinnacle of $1.9 in April, the token has since reverted to its familiar range, lacking the bullish impetus needed to breach upper resistance levels.
However, amidst this apparent stagnation, a chorus of crypto analysts now heralds an imminent uptrend for XRP, foreseeing a potential ascent to unprecedented altitudes.
🔍 Analysts Anticipate XRP Breakout
Enter U-COPY, a technical analyst distinguished on the social media landscape (formerly Twitter), whose projections offer a glimmer of hope for XRP enthusiasts. U-COPY asserts that XRP may soon embark on a momentous journey between May 15 and August, propelled by several key indicators.
Notably, XRP has been gradually ascending from its recent low at $0.46, edging closer to the culmination of a protracted triangle formation that has been gathering momentum since 2018. U-COPY contends that the true potential of XRP awaits unveiling during the forthcoming bull cycle, hinting at the prospect of substantial growth by year's end.
With anticipation building and the crypto community abuzz, all eyes remain fixed on XRP as it navigates this pivotal juncture, poised on the brink of a potential breakthrough to $10-$20 price milestones. 🌟📈
#Xrp🔥🔥 #altcoins #icryptobob
$XRP