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Bitcoin Price Rejects $68K, Indicators Signal Fresh Downside To $62K

March 24, 2024
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Bitcoin worth did not get well above the $68,000 resistance zone. BTC is sliding and would possibly decline once more towards the $62,000 help zone.

Bitcoin worth began an honest enhance however struggled close to the $68,000 zone.
The worth is buying and selling beneath $66,000 and the 100 hourly Easy transferring common.
There’s a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair (information feed from Kraken).
The pair should clear the $66,200 resistance zone to begin a recent enhance.

Bitcoin Worth Faces Hurdles

Bitcoin worth tried an honest restoration wave above the $65,000 resistance zone. BTC climbed above the $66,000 and $67,000 ranges. Nonetheless, the bears have been energetic close to the $68,000 stage.

A excessive was fashioned at $68,137 and the value is now transferring decrease. There was a break beneath the $66,000 help stage. The worth declined beneath the 23.6% Fib retracement stage of the restoration wave from the $60,778 swing low to the $68,137 excessive.

Bitcoin is now buying and selling beneath $66,000 and the 100 hourly Easy transferring common. The bulls at the moment are attempting to guard the 50% Fib retracement stage of the restoration wave from the $60,778 swing low to the $68,137 excessive at $64,500.

Fast resistance is close to the $66,000 stage. There’s additionally a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair. The primary main resistance may very well be $67,000.

Supply: BTCUSD on TradingView.com

If there’s a clear transfer above the $67,000 resistance zone, the value might proceed to realize energy. Within the said case, the value might even clear the $68,000 resistance zone within the close to time period. The subsequent key resistance sits at $70,000.

Extra Losses In BTC?

If Bitcoin fails to rise above the $66,000 resistance zone, it might proceed to maneuver down. Fast help on the draw back is close to the $64,500 stage.

The primary main help is $63,500. The subsequent help sits at $62,000. If there’s a shut beneath $62,000, the value might begin a drop towards the $61,200 stage. Any extra losses would possibly ship the value towards the $60,500 help zone within the close to time period.

Technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI for BTC/USD is now beneath the 60 stage.

Main Assist Ranges – $64,500, adopted by $63,500.

Main Resistance Ranges – $66,000, $67,000, and $68,000.

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 personal analysis earlier than making any funding choices. Use info offered on this web site totally at your personal danger.



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Tags: 62K68KBitcoinDownsideFreshIndicatorsPricerejectsSignal
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