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Home»EXCHANGE NEWS»Bitcoin price plunges after new ATH, is a decline supported at $60,000?
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Bitcoin price plunges after new ATH, is a decline supported at $60,000?

By Crypto FlexsMarch 6, 20243 Mins Read
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Bitcoin price plunges after new ATH, is a decline supported at ,000?
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The price of Bitcoin traded at an all-time high above $69,000 before crashing. BTC is currently consolidating near $63,000 and may decline towards the $60,000 support.

  • Bitcoin price made history again, trading at a new all-time high above $69,000.
  • The price is trading below $65,000 and the 100-hour simple moving average.
  • On the hourly chart of the BTC/USD pair (data feed from Kraken), a break has occurred below the main bullish trendline supporting $66,000.
  • The pair could extend losses and revisit the key $60,000 support area.

Bitcoin price took a hit.

Bitcoin price continued its upward trend above the resistance level of $68,000. BTC broke the $68,800 level and hit a new all-time high of $69,218. However, there was a strong bearish reaction starting at $69,200.

The price plummeted more than 10%, plummeting toward the $60,000 level. On the hourly chart of the BTC/USD pair, a break has occurred below the main bullish trendline supporting $66,000. A low was made around $59,150 and the price is currently recovering.

There was a move above the $62,000 resistance level. It is currently facing resistance near the $64,000 zone and near the 50% Fib retracement level with a downward move from the $69,218 swing high to the $59,150 low.

Bitcoin is currently trading below $64,000 and the 100-hour simple moving average. Immediate resistance is near the $64,000 level. The next major resistance could be $64,200, above which the price may rise towards the $65,500 resistance area.

Source: TradingView.com BTCUSD

A clear move above the $65,500 resistance zone or the 61.8% Fib retracement level of the downside move from the $69,218 swing high to the $59,150 low could push the price towards the $67,000 level. If more profits are made, the price could rise to the $70,000 level.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $64,200 resistance zone, another downward correction could begin. Immediate support for the downside is near the $62,000 level.

The first major support is $61,500. If there is a close below $61,500, the price could begin a significant pullback towards the $60,000 area. Any more losses could lead the price towards the $58,500 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 below the 50 level.

Key support levels – $62,000, $60,000.

Key resistance levels – $64,200, $65,500 and $67,000.

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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