Bitcoin

Resistance

Bitcoin price is still struggling to clear the $70,000 resistance. BTC is slowly moving lower and might soon drop toward the $67,000 support. 
<ul> 
 <li>Bitcoin price is struggling to clear the $69,500 and $70,000 levels.</li> 
 <li>The price is trading above $68,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a key bullish trend line forming with support at $68,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move down and trade toward the $67,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-starts-consolidation">Bitcoin Price Starts Consolidation</h2> 
Bitcoin price made another attempt to <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-reclaims-66k/" target="_blank" rel="noopener ">gain strength</a> above the $69,000 level. BTC cleared the $69,500 level, but the bears were active near the $70,000 resistance zone. 
A high was formed at $69,981 and the price started a downside correction. There was a move below the $69,500 and $69,200 levels. The price declined below the 23.6% Fib retracement level of the upward wave from the $65,200 swing low to the $69,981 high. 
Bitcoin is now trading above $68,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-risk-68k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. There is also a key bullish trend line forming with support at $68,000 on the hourly chart of the BTC/USD pair. The trend line is close to the 50% Fib retracement level of the upward wave from the $65,200 swing low to the $69,981 high. 
Immediate resistance is near the $68,850 level. The next key resistance could be $69,200, above which the price could rise toward the $69,500 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_72a475.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-597247" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_72a475.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_72a475.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_72a475.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_72a475.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_72a475.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_72a475.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_72a475.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_72a475.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
If there is a clear move above the $69,500 resistance zone, the price could even attempt a move above the $70,000 resistance zone. Any more gains might send the price toward the $72,000 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $68,850 resistance zone, it could start another decline. Immediate support on the downside is near the $68,000 level and the trend line. 
The first major support is $67,000. If there is a close below $67,000, the price could start a decent pullback toward the $65,500 level. Any more losses might send the price toward the $64,400 support zone. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $68,000, followed by $67,000. 
Major Resistance Levels – $68,850, $69,200, and $69,500.

Bitcoin Price Rejects $70K, Here Are Key Levels To Watch

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