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Home»EXCHANGE NEWS»Bitcoin price is targeting a major upside reversal as dips turn attractive.
EXCHANGE NEWS

Bitcoin price is targeting a major upside reversal as dips turn attractive.

By Crypto FlexsMarch 29, 20243 Mins Read
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Bitcoin price is targeting a major upside reversal as dips turn attractive.
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Bitcoin price is again attempting to break above the $68,000 resistance zone. A rally could occur if BTC clears $67,500 and $68,000 in the near term.

  • The price of Bitcoin is starting to rise quite a bit, above $65,000.
  • The price is trading below $65,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline with support at $65,900.
  • Both would need to break through the $68,000 resistance area to start a new rally.

Bitcoin price turns green

Bitcoin price maintained support above the $64,000 resistance zone. BTC rose above the $66,500 and $66,000 resistance levels. However, the bears were actively trading near the $67,500 and $68,000 levels.

The highest price was reached near $67,614 and the price is currently on an upward trend. It is trading near the 23.6% Fib retracement level, rising from the $62,614 swing low to the $67,614 high. Bitcoin is currently trading above $65,000 and the 100-hour simple moving average.

There is also a major bullish trendline with support at $65,900 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $67,500 level. The first major resistance could be at $68,000.

Source: TradingView.com BTCUSD

If there is a clear move above the $68,000 resistance zone, the price may continue to strengthen. If indicated, the price may clear the $69,0200 resistance area in the near term. The next major resistance level is $70,000.

Another drop in BTC?

If Bitcoin fails to rise above the $68,000 resistance zone, another decline could begin. Immediate support for the downside is near the $66,000 level and trend line.

The first major support is the 50% Fib retracement level at $65,200 or the rise from the $62,614 swing low to the $67,614 high. The next support level is $63,800. If it closes below $63,800, the price could start to fall towards the $61,200 level. More losses could push the price towards the $60,500 support area in the near term.

Technical indicators:

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

Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 60 level.

Key support levels – $65,900, then $63,800.

Key resistance levels – $67,500, $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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