Bitcoin

Resistance

/send

Bitcoin price is holding gains above the $70,000 resistance. BTC is now showing positive signs and might aim for a move above the $73,000 level. 
<ul> 
 <li>Bitcoin price extended its increase and tested the $73,000 zone.</li> 
 <li>The price is trading above $71,500 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bullish trend line forming with support at $71,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could continue to move up if it clears the $72,850 and $73,000 resistance levels.</li> 
</ul> 
<h2 id="bitcoin-price-sets-new-ath">Bitcoin Price Sets New ATH</h2> 
Bitcoin price remained stable above the $70,000 level. BTC gained pace and was able to extend its increase above the $72,500 level. It even spiked above the <a href="https://www.newsbtc.com/analysis/eth/bitcoin-price-resumes-rally-75k/" target="_blank" rel="noopener ">$72,850 resistance</a> but the upsides were limited. 
The price traded to a new all-time high at $73,000 before there was a downside correction. The price declined below the $72,000 and $71,500 levels. A low was formed near $68,660 and the price is again rising. There was a move above the $71,000 level. 
The price cleared the 50% Fib retracement level of the downward move from the $73,000 swing high to the $68,660 low. There is also a connecting bullish trend line forming with support at $71,300 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading above $71,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-rejects-70k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $72,000 level and the 76.4% Fib retracement level of the downward move from the $73,000 swing high to the $68,660 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_36e94f.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-597554" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_36e94f.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_36e94f.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_36e94f.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_36e94f.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_36e94f.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_36e94f.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_36e94f.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_36e94f.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> 
The next key resistance could be $72,850, above which the price could rise toward the $73,000 resistance zone. If there is a clear move above the $73,000 resistance zone, the price could even attempt a move above the $74,000 resistance zone. Any more gains might send the price toward the $75,000 level. 
<h2 id="another-downside-correction-in-btc">Another Downside Correction In BTC?</h2> 
If Bitcoin fails to rise above the $72,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $71,300 level and the trend line. 
The first major support is $70,000 or 100 hourly SMA. If there is a close below $70,000, the price could start a decent pullback toward the $68,650 level. Any more losses might send the price toward the $66,500 support zone. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $71,300, followed by $70,000. 
Major Resistance Levels – $72,000, $72,850, and $73,000.

Bitcoin Price Faces Big Move – Can Bulls Send BTC To $75K?

Table of Contents

NewsBTC

Other articles published on Mar 13, 2024

US Seeks Forfeiture of $2.3M in Crypto Tied to Online Scams

SynFutures Launches 500,000 USDB DeFi Trading Competition Following V3 Launch (13 Mar)

Solana eyes $220 mark as Rebel Satoshi launches $RECQ token

New Cryptocurrency Releases, Listings & Presales Today – ChainSwap, Spacemesh, Peng

Terraform Labs Gains Court Approval for Legal Defense Amid Bankruptcy

Rapper Drake Posts Michael Saylor Video Lauding Bitcoin As A Store Of Value To His 146 Million In...

Join our free newsletter for daily crypto updates!