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Home Market & Analysis

Bitcoin Price Turns Red Below $64K But Long-Term Uptrend Intact

n70products by n70products
March 20, 2024
in Market & Analysis
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Bitcoin Price Turns Red Below $64K But Long-Term Uptrend Intact
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Bitcoin value prolonged its decline under the $65,000 help. BTC is now struggling to remain above the $62,000 help zone and would possibly check $60,000.

  • Bitcoin value is transferring decrease under the $64,000 help zone.
  • The worth is buying and selling under $63,500 and the 100 hourly Easy transferring common.
  • There’s a connecting bearish pattern line forming with resistance at $63,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair may begin a good upward transfer if it clears the $65,200 resistance zone within the close to time period.

Bitcoin Worth Grinds Decrease

Bitcoin value remained in a short-term bearish zone under the $66,500 zone. BTC traded under the $65,000 and $64,000 help ranges to set a brand new weekly low.

There was a push under the $62,500 help. A low was fashioned close to $61,537 and the worth is now consolidating losses. The worth is now struggling under the 23.6% Fib retracement degree of the latest decline from the $68,898 swing excessive to the $61,537 low.

Bitcoin is now buying and selling under $63,500 and the 100 hourly Simple moving average. Speedy resistance is close to the $63,300 degree. There may be additionally a connecting bearish pattern line forming with resistance at $63,300 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Supply: BTCUSD on TradingView.com

The primary main resistance may very well be $64,000. If there’s a clear transfer above the $64,000 resistance zone, the worth may even try a transfer towards the $65,200 resistance zone. It’s near the 50% Fib retracement degree of the latest decline from the $68,898 swing excessive to the $61,537 low. Any extra good points would possibly ship the worth towards the $67,000 degree.

Extra Losses In BTC?

If Bitcoin fails to rise above the $63,300 resistance zone, it may proceed to maneuver down. Speedy help on the draw back is close to the $62,000 degree.

The primary main help is $61,500. The subsequent help sits at $60,500. If there’s a shut under $60,500, the worth may begin a drop towards the $60,000 degree. Any extra losses would possibly ship the worth towards the $58,800 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 50 degree.

Main Assist Ranges – $61,500, adopted by $60,000.

Main Resistance Ranges – $63,300, $64,000, and $65,200.

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



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Tags: 64KBitcoinIntactLongTermPriceRedTurnsUptrend
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