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Home»EXCHANGE NEWS»Bitcoin price rejects $68,000 and indicators point to a new downtrend towards $62,000.
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Bitcoin price rejects $68,000 and indicators point to a new downtrend towards $62,000.

By Crypto FlexsMarch 29, 20243 Mins Read
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Bitcoin price rejects ,000 and indicators point to a new downtrend towards ,000.
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Bitcoin price failed to recover above the $68,000 resistance zone. BTC is slipping and may fall back towards the $62,000 support area.

  • Bitcoin price started a significant rise but struggled near $68,000.
  • The price is trading below $66,000 and the 100-hour simple moving average.
  • The hourly chart of the BTC/USD pair (data feed from Kraken) shows a short-term bearish channel or bullish flag forming, with resistance at $66,200.
  • The pair needs to pass the $66,200 resistance area to start a new advance.

Bitcoin Price Faces Hurdles

Bitcoin price attempted a significant recovery above the $65,000 resistance zone. BTC has surpassed the $66,000 and $67,000 levels. However, bears remained active near the $68,000 level.

The high was reached at $68,137 and the price is currently falling. A break occurred below the $66,000 support level. Prices fell below the 23.6% Fib retracement level of the recovery wave from the $60,778 swing low to the $68,137 high.

Bitcoin is currently trading below $66,000 and the 100-hour simple moving average. Bulls are now trying to protect the 50% Fib retracement level of the recovery wave from the $60,778 swing low to the $64,500 high of $68,137.

Immediate resistance is near the $66,000 level. Additionally, a short-term bearish channel or bullish flag has formed on the hourly chart of the BTC/USD pair with resistance at $66,200. The first major resistance could be at $67,000.

Source: TradingView.com BTCUSD

If there is a clear move above the $67,000 resistance zone, the price may continue to strengthen. If indicated, the price may clear the $68,000 resistance area in the near term. The next major resistance level is $70,000.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $66,000 resistance zone, it may continue to fall. Immediate support for the downside is near the $64,500 level.

The first major support is $63,500. The next grant is $62,000. If it closes below $62,000, the price may 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 picking up speed in bearish territory.

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

Key support levels – $64,500, then $63,500.

Key resistance levels – $66,000, $67,000 and $68,000.

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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