Bitcoin

Rupee

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 <p class="paragraph">Bitcoin’s (BTC) attempt to recover and reclaim its all-time high above $73,000 is facing hurdles, with the asset currently trading below the $70,000 mark amid anticipation ahead of the halving event. Recent price movements have led to Bitcoin’s <a rel="noopener noreferrer nofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> price predictions, with a section of the market suggesting the outlook is part of the pre-halving retrace.</p>
 <p class="paragraph">For instance, cryptocurrency trading expert <em>Alan Santana</em>, in a <em>TradingView</em> post on March 23, warned investors to brace for a sell-off, noting that Bitcoin’s bearish bias remains strong.</p>
 <p class="paragraph">With Bitcoin struggling to breach the $65,000 resistance, <em>Santana </em>forecasted a continued downward trajectory for Bitcoin over the coming days or even weeks. This downward movement is anticipated to follow a pattern of bottom formation, accumulation, and reversal signals before any potential recovery.</p>
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 <p class="paragraph">As per the analyst, Bitcoin has consistently traded above the exponential moving average 21 (EMA21) daily, confirming a <a rel="noopener noreferrer nofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> sentiment in the market. <em>Santana</em> projected that the next target for Bitcoin would be around $59,000 in the short term, with a swift breach of this level expected. The subsequent levels to watch out for are $55,000, with a possible floor as low as $51,000-$53,000.</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="564" src="https://cdn.thebittimes.com/images/2024/03/23/4c5dba4abdfc357214f1bbdf8376502b.webp" alt class="wp-image-163150" srcset="https://cdn.thebittimes.com/images/2024/03/23/4c5dba4abdfc357214f1bbdf8376502b.webp 1024w, https://cdn.thebittimes.com/images/2024/03/23/4c5dba4abdfc357214f1bbdf8376502b.webp 300w, https://cdn.thebittimes.com/images/2024/03/23/4c5dba4abdfc357214f1bbdf8376502b.webp 768w, https://cdn.thebittimes.com/images/2024/03/23/4c5dba4abdfc357214f1bbdf8376502b.webp 1083w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis. Source: TradingView </em>
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 <blockquote class="wp-block-quote">
  <p class="paragraph">“Just keep in mind that the first crash will be fast and some 20-30% will disappear to not comeback for 6-8 months,” he said.&nbsp;</p>
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 <h2 class="wp-block-heading" id="h-bitcoin-s-levels-to-watch-nbsp">Bitcoin’s levels to watch&nbsp;</h2>
 <p class="paragraph">Examining Bitcoin’s short-term trendlines, the trading expert observed that the cryptocurrency is currently confined within a bearish territory, indicating a prevailing negative sentiment among traders.&nbsp;</p>
 <p class="paragraph">For a shift towards bullish momentum, Bitcoin would need to surpass and close above $68,500, with a preliminary positive indication being a move above $66,666.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“For bullish potential to be considered or go back into play in this chart setup, Bitcoin needs to move and close above $68,500. Moving and closing above $66,666 is a good start. Any trading below $65,000 and the <a rel="noopener noreferrer nofollow" title="bearish" href="https://thebittimes.com/tag/bearish.html">bearish</a> bias <a rel="noopener noreferrer nofollow" title="remains" href="https://thebittimes.com/tag/remains.html">remains</a> <a rel="noopener noreferrer nofollow" title="strong" href="https://thebittimes.com/tag/strong.html">strong</a> while we wait for lower prices,” he added.&nbsp;</p>
 </blockquote>
 <p class="paragraph">In recent days, Bitcoin has experienced heightened volatility, briefly reaching close to $60,000. Analysts attribute this correction in part to overheated market conditions, labeling it a “pre-halving retrace” as the Bitcoin halving event approaches in approximately 30 days.</p>
 <p class="paragraph">At the same time, market observers suggest that the volatility is also influenced by outflows from spot Bitcoin exchange-traded funds (ETFs), which have seen consecutive days of money being withdrawn.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis-nbsp">Bitcoin price analysis&nbsp;</h2>
 <p class="paragraph">By press time, Bitcoin was trading at $64,5700 with losses of almost 5% in the last seven days. It is worth noting that earlier in the week, Bitcoin briefly touched the $68,000 mark before correcting.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/03/23/714707a65277e4c5f71b62609ea89965.webp" alt class="wp-image-163152" srcset="https://cdn.thebittimes.com/images/2024/03/23/714707a65277e4c5f71b62609ea89965.webp 675w, https://cdn.thebittimes.com/images/2024/03/23/714707a65277e4c5f71b62609ea89965.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
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 <p class="paragraph">Overall, Bitcoin’s price remains at a crucial juncture as it faces the challenge of reclaiming $65,000. Continued trading below this mark would render it vulnerable to losses below $60,000.</p>
 <p class="paragraph">&lt;<a rel="noopener noreferrer nofollow" title="strong" href="https://thebittimes.com/tag/strong.html">strong</a>&gt;<em>Disclaimer:</em>strong&gt;<em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sell-off-alert-bitcoin-bearish-bias-remains-strong-tbt83354.html">https://thebittimes.com/sell-off-alert-bitcoin-bearish-bias-remains-strong-tbt83354.html</a></p>

Sell-off alert: Bitcoin bearish bias remains strong

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