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Home»BITCOIN NEWS»Bitcoin price at risk of experiencing another downtrend before heading higher
BITCOIN NEWS

Bitcoin price at risk of experiencing another downtrend before heading higher

By Crypto FlexsMarch 7, 20243 Mins Read
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Bitcoin price at risk of experiencing another downtrend before heading higher
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Bitcoin price is struggling to break above the $68,000 resistance level. BTC is currently consolidating and may fall towards the $63,400 support area.

  • Bitcoin price is struggling to make more gains than new all-time highs.
  • The price is trading above $65,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term bearish trendline forming with resistance near $67,000.
  • The pair could extend losses and revisit the $63,400 support zone.

Bitcoin Price Faces Hurdles

Bitcoin price began a sharp decline from its all-time high of $69,218. BTC crashed to $59,150 before cutting losses. It rose back above $65,000, but bears are now protecting more upside than the $67,500 level.

The highest price was reached at $67,635 and prices are currently consolidating. It is trading above the 23.6% Fib retracement level, rising from the $59,150 swing low to the $67,635 high.

Bitcoin is still trading above $65,000 and the 100-hour simple moving average. Immediate resistance is near the $67,000 level. On the hourly chart of the BTC/USD pair, there is also a short-term bearish trendline forming with resistance near $67,000.

Source: TradingView.com BTCUSD

The next major resistance could be $68,000, above which the price may rise towards the $69,200 resistance area. A clear move above the $69,200 resistance zone could push the price towards the $70,000 level. More profits could push the price higher to the $72,000 level.

Another drop in BTC?

If Bitcoin fails to rise above the $67,000 resistance zone, another downward correction could begin. Immediate support for the downside is near the $66,650 level.

The first major grant is $65,000. A close below $65,000 could initiate a significant pullback towards the 50% Fib retracement level, with the price rising from the $59,150 swing low to the $67,635 swing high to $63,400. Any more losses could lead the price towards the $62,500 support area.

Technical indicators:

Hourly MACD – MACD is now picking up speed in bearish territory.

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now close to the 50 level.

Key support levels – $65,000, $63,400.

Key resistance levels – $67,000, $68,000 and $69,200.

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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