Bitcoin

Optimism

<p>Bitcoin’s price is experiencing a significant resurgence, appreciating nearly 10% from its recent low of $60,800. However, key resistances stand in the way of a BTC return above $70,000. Let’s analyze the market outlook.</p>
<h2 id="h-an-encouraging-recovery-for-bitcoin">An Encouraging Recovery for Bitcoin</h2>
<p>Bitcoin has begun an impressive recovery from the support zone at $60,800, breaking through several resistance levels including that of $64,000. This rise has enabled BTC to surpass the 100-hour moving average as well as the 76.4% Fibonacci retracement level of the recent decline.</p>
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<p>This bullish dynamic is also reflected in the hourly MACD, which is gaining ground in the positive zone, and the hourly RSI, now moving above 60. These <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-jumps-68k/" target="_blank" rel="noopener noreferrer nofollow">technical indicators</a> suggest a growing bullish momentum that could support a continuation of the rise.</p>
<p>Nevertheless, bitcoin faces a major resistance at the $68,800 zone. A clear breach of this threshold would open the path to a test of $70,000 and potentially $72,500. However, caution is advised until BTC has confirmed its return above $68,800.</p>
<figure class="wp-block-image size-full is-resized"><img decoding="async" src="https://www.cointribune.com/app/uploads/2024/03/image-5.png" alt="Bitcoin technical analysis chart: Source: NewsBTC" class="wp-image-679906" width="710" height="320" srcset="https://www.cointribune.com/app/uploads/2024/03/image-5.png 1024w, https://www.cointribune.com/app/uploads/2024/03/image-5-300x135.png 300w, https://www.cointribune.com/app/uploads/2024/03/image-5-768x346.png 768w" sizes="(max-width: 710px) 100vw, 710px">
 <figcaption class="wp-element-caption"><em>Source: NewsBTC</em>
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<h2 id="h-downside-risks-to-monitor-despite-optimism">Downside Risks to Monitor Despite Optimism</h2>
<p>Despite the recent recovery, the <a href="https://www.cointribune.com/en/bitcoin-wobbles-worst-day-for-crypto-since-ftx-crash/" target="_blank" rel="noopener noreferrer nofollow">bitcoin market</a> is not immune to a bearish reversal if it fails to clear the $68,800 level. A fallback under $66,800 would call into question the short-term bullish trend.</p>
<p>The key supports to watch in the event of a correction are at $65,500 and then $64,800. An inability to hold these levels could lead to a retracement towards $63,000 or even $62,500 in the short term. Investors should therefore manage their risk carefully.</p> 
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
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  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
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 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSDT chart</span></a> by TradingView
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<p>The upcoming days will be crucial to assess the strength of this rebound. Industry news, the evolution of on-chain indicators, and the overall market sentiment will be key elements to consider in order to anticipate the trajectory of bitcoin.</p>
<p>In summary, bitcoin is experiencing a significant bounce, but its short-term future will depend on its ability to break through the $68,800 barrier. If this resistance is broken, a return to all-time highs could be possible. Conversely, a failure at this juncture could pave the way for a deeper correction.</p>
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Bitcoin is gaining ground: Is a return above $70,000 possible?

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