Bitcoin

Resistance

Bitcoin price struggled to recover above the $68,800 resistance. BTC is now moving lower and there is a risk of more downsides below the $65,000 support. 
<ul> 
 <li>Bitcoin price is struggling to start a fresh increase above the $68,000 zone.</li> 
 <li>The price is trading below $68,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a connecting bearish trend line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the $68,000 resistance zone in the near term.</li> 
</ul> 
<h2 id="bitcoin-price-faces-resistance">Bitcoin Price Faces Resistance</h2> 
Bitcoin price attempted a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-hits-support-65k/" target="_blank" rel="noopener ">fresh increase</a> above the $65,500 zone. BTC climbed above the $67,200 and $68,000 levels. However, the bears were active near the $69,000 zone. 
A high was formed at $68,898 and the price is now moving lower. There was a move below the $67,500 support zone. The price declined below the 50% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high. 
Bitcoin is now trading below $68,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-slides-68k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. It is testing the 76.4% Fib retracement level of the recovery wave from the $64,555 swing low to the $68,898 high. 
There is also a connecting bearish trend line forming with resistance at $67,800 on the hourly chart of the BTC/USD pair. Immediate resistance is near the $66,750 level. The next key resistance could be $67,800 or the trend line, above which the price could rise toward the $68,800 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9fd8ad.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-598586" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9fd8ad.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9fd8ad.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9fd8ad.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9fd8ad.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9fd8ad.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9fd8ad.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9fd8ad.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_9fd8ad.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 $68,800 resistance zone, the price could even attempt a move above the $70,000 resistance zone. Any more gains might send the price toward the $71,200 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $67,800 resistance zone, it could start another decline. Immediate support on the downside is near the $65,550 level. 
The first major support is $65,000. The main support sits at $64,500. If there is a close below $64,500, the price could start a drop toward the $63,500 level. Any more losses might send the price toward the $62,000 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 – $65,500, followed by $65,000. 
Major Resistance Levels – $67,800, $68,800, and $70,000.

Bitcoin Price At Risk of More Downsides Before Fresh Increase To $70K

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