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Home»EXCHANGE NEWS»Bitcoin price finds support, but new rebound faces many obstacles
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Bitcoin price finds support, but new rebound faces many obstacles

By Crypto FlexsMarch 18, 20243 Mins Read
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Bitcoin price finds support, but new rebound faces many obstacles
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Bitcoin price tested the $65,000 support zone. BTC is currently in an upward trend and is attempting a new rally above the $70,000 resistance zone in the near term.

  • Bitcoin price is showing some positive signs in the $65,000 range.
  • The price is trading below $70,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a breakout occurred above the main bearish trendline with resistance at $67,100.
  • In the near term, a break above the $70,000 resistance area could provide bullish momentum.

Bitcoin price maintains support

Bitcoin price began a downward correction in the $73,500 range. There was a steady decline below the $70,000 support zone and the decline pushed the price below $68,000.

Finally, the price tested the $65,000 support area. The low was formed at $64,555 and the price is currently attempting a new rise. There was a move above the $66,500 resistance zone. The price moved above the 23.6% Fib retracement level, moving down from the $73,734 swing high to the $64,555 low.

A breakout also occurred above the main bearish trend line at $67,100, which is resistance on the hourly chart of the BTC/USD pair. Bitcoin is currently trading below $70,000 and the 100-hour simple moving average.

Immediate resistance is near the $69,200 level or the 50% Fib retracement level of the downside move from the $73,734 swing high to the $64,555 low. The next major resistance could be $70,000, above which the price may rise towards the $71,200 resistance zone.

Source: TradingView.com BTCUSD

If there is a clear move above the $71,200 resistance zone, the price may try to move above the $72,000 resistance zone. More profits could push the price higher to the $73,500 level.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $70,000 resistance zone, another decline could begin. Immediate support for the downside is near the $67,000 level.

The first major grant is $65,000. Main support is $64,500. If it closes below $64,500, the price may start to fall towards the $63,500 level. Any more losses could lead the price towards the $62,000 support area.

Technical indicators:

Hourly MACD – MACD is now losing speed in bearish territory.

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

Key support levels – $66,500, then $65,000.

Key resistance levels – $69,200, $70,000 and $71,200.

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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