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Bitcoin Price At Risk of Another Downside Thrust Before Higher

9 March 2024
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Bitcoin value is struggling to settle above the $68,000 resistance. BTC is now consolidating and may decline towards the $63,400 assist zone.

Bitcoin value is struggling to achieve tempo for extra beneficial properties above the brand new all-time.
The value is buying and selling above $65,000 and the 100 hourly Easy shifting common.
There’s a short-term bearish development line forming with resistance close to $67,000 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
The pair may prolong losses and revisit the $63,400 assist zone.

Bitcoin Worth Faces Hurdles

Bitcoin value began a nasty decline from the brand new all-time excessive of $69,218. BTC crashed to $59,150 earlier than it trimmed losses. It climbed again above $65,000, however the bears are actually defending extra upsides above the $67,500 stage.

A excessive was fashioned at $67,635 and the value is now consolidating. It’s buying and selling above the 23.6% Fib retracement stage of the upward transfer from the $59,150 swing low to the $67,635 excessive.

Bitcoin continues to be buying and selling above $65,000 and the 100 hourly Easy shifting common. Fast resistance is close to the $67,000 stage. There’s additionally a short-term bearish development line forming with resistance close to $67,000 on the hourly chart of the BTC/USD pair.

Supply: BTCUSD on TradingView.com

The following key resistance may very well be $68,000, above which the value may rise towards the $69,200 resistance zone. If there’s a clear transfer above the $69,200 resistance zone, the value may rise towards the $70,000 stage. Any extra beneficial properties may ship the value towards the $72,000 stage.

One other Decline In BTC?

If Bitcoin fails to rise above the $67,000 resistance zone, it may begin one other draw back correction. Fast assist on the draw back is close to the $66,650 stage.

The primary main assist is $65,000. If there’s a shut under $65,000, the value may begin a good pullback towards the 50% Fib retracement stage of the upward transfer from the $59,150 swing low to the $67,635 excessive at $63,400. Any extra losses may ship the value towards the $62,500 assist zone.

Technical indicators:

Hourly MACD – The MACD is now gaining tempo within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI for BTC/USD is now close to the 50 stage.

Main Assist Ranges – $65,000, adopted by $63,400.

Main Resistance Ranges – $67,000, $68,000, and $69,200.

Disclaimer: The article is offered for academic functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding choices. Use data offered on this web site completely at your individual danger.



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Tags: BitcoinDownsidehigherPriceRiskThrust
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