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Home Market & Analysis

Bitcoin Price Rejects $68K, Indicators Signal Fresh Downside To $62K

n70products by n70products
March 22, 2024
in Market & Analysis
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Bitcoin worth did not get better above the $68,000 resistance zone. BTC is sliding and may decline once more towards the $62,000 help zone.

  • Bitcoin worth began a good enhance however struggled close to the $68,000 zone.
  • The value is buying and selling under $66,000 and the 100 hourly Easy transferring common.
  • There’s a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair should clear the $66,200 resistance zone to begin a contemporary enhance.

Bitcoin Value Faces Hurdles

Bitcoin worth tried a good recovery wave above the $65,000 resistance zone. BTC climbed above the $66,000 and $67,000 ranges. Nevertheless, the bears have been energetic close to the $68,000 stage.

A excessive was fashioned at $68,137 and the value is now transferring decrease. There was a break under the $66,000 help stage. The value declined under the 23.6% Fib retracement stage of the restoration wave from the $60,778 swing low to the $68,137 excessive.

Bitcoin is now buying and selling under $66,000 and the 100 hourly Simple moving average. The bulls are actually attempting to guard the 50% Fib retracement stage of the restoration wave from the $60,778 swing low to the $68,137 excessive at $64,500.

Instant resistance is close to the $66,000 stage. There’s additionally a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair. The primary main resistance could possibly be $67,000.

Bitcoin Price

Supply: BTCUSD on TradingView.com

If there’s a clear transfer above the $67,000 resistance zone, the value may proceed to achieve power. Within the said case, the value may even clear the $68,000 resistance zone within the close to time period. The subsequent key resistance sits at $70,000.

Extra Losses In BTC?

If Bitcoin fails to rise above the $66,000 resistance zone, it may proceed to maneuver down. Instant help on the draw back is close to the $64,500 stage.

The primary main help is $63,500. The subsequent help sits at $62,000. If there’s a shut under $62,000, the value may begin a drop towards the $61,200 stage. Any extra losses may ship the value towards the $60,500 help zone within the close to time period.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now under the 60 stage.

Main Help Ranges – $64,500, adopted by $63,500.

Main Resistance Ranges – $66,000, $67,000, and $68,000.

Disclaimer: The article is offered for academic functions solely. It doesn’t characterize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your personal analysis earlier than making any funding choices. Use info offered on this web site totally at your personal threat.



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Tags: 62K68KBitcoinDownsideFreshIndicatorsPriceRejectsSignal
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