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Home»EXCHANGE NEWS»Bitcoin price slides in range, can bulls protect this support?
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Bitcoin price slides in range, can bulls protect this support?

By Crypto FlexsMarch 15, 20243 Mins Read
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Bitcoin price slides in range, can bulls protect this support?
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Bitcoin price is falling from the resistance level of $73,000. BTC would need to stay above the $67,000 support to start a new increase in the near term.

  • Bitcoin price has corrected its upward trend and is falling in the $73,000 range.
  • The price is trading below $71,000 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 with support at $72,820.
  • The two could revisit the $67,000 support zone in the near future.

Bitcoin price falls further

Bitcoin price made another attempt to gain strength above the $72,500 level. However, there was no apparent movement above the $72,500 level and the price reacted downwards.

It fell below the $72,000 and $71,500 levels. Moreover, a break occurred below the main bullish trendline supporting $72,820 on the hourly chart of the BTC/USD pair. The pair even fell below the $70,000 level. A low was formed near $68,403 and the price is currently showing some bearish signs.

Bitcoin is currently trading below $71,000 and the 100-hour simple moving average. Immediate resistance is near the $70,000 level or the 50% Fib retracement level of the downward move from the $72,043 swing high to the $68,403 low.

Source: TradingView.com BTCUSD

The next major resistance could be the 61.8% Fib retracement level at $70,500 or a downside move from the $72,043 swing high to the $68,403 low, above which the price could rise towards the $72,000 resistance area. If there is a clear move above the $72,000 resistance zone, the price may try to move above the $73,000 resistance zone. If more profits are made, the price could rise to the $75,000 level.

Will there be more losses in BTC?

If Bitcoin fails to rise above the $70,500 resistance zone, it may continue to fall. Immediate support for the downside is near the $68,500 level.

The first major support is $67,500. Main support is $67,000. If it closes below $67,000, the price could begin a significant decline towards the $65,500 level. Any more losses could lead the price towards the $65,000 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 – $68,500, then $67,000.

Key resistance levels – $70,500, $72,000, $73,000.

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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