2024

Bitcoin

Bitcoin Price: <a href="https://coingape.com/blog/bitcoin-halving-history-chart-analysed/" rel="noopener noreferrer nofollow">Bitcoin</a> the largest cryptocurrency by market has been under a correction trend for the past 2 weeks. From its new all-time high of $73750, the BTC price tumbled over 17.5% to seek support at $60000. As the asset grapples to provide a sustainable recovery from this psychological level, the market participants can anticipate further correction in the coming week.
Also Read: <a href="https://coingape.com/markets/4-cheap-under-1-altcoins-to-dca-as-bitcoin-bleeds-for-100x-potential/" rel="noopener noreferrer nofollow">4 Cheap Under $1 Altcoins To DCA As Bitcoin Bleeds For 100X Potential</a>
<h2 id="b-demand-pressure-at-60k-keeps-recovery-trend-intact-b">Demand Pressure at $60K Keeps Recovery Trend Intact</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/a/ayGFRDby.png" alt="BINANCE:BTCUSDT Chart " width="1946" height="937">
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 Bitcoin Price| Tradingview
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March has been a roller coaster ride for Bitcoin holders as the first half boosted the optimism with new highs but the second hints at a profound correction. The <a href="https://coingape.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin price</a> currently trading at $65115 and found a demand zone at the confluence of $60000 and 38.2% Fibonacci retracement level.
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 While the newfound support bolsters buyers for renewed recovery, the increasing outflow in BTC ETFs is accelerating the supply pressure. On March 22, the <a href="https://coingape.com/analyst-says-bitcoin-btc-price-influenced-by-forces-beyond-etf/" rel="noopener noreferrer nofollow">Bitcoin spot ETFs</a> saw a total net outflow of $51.6 million, with Grayscale’s GBTC experiencing a significant single-day net outflow of $169 million, according to Wu Blockchain’s analysis of SoSoValue data.
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 According to SoSoValue, Bitcoin spot ETFs saw total net outflows of $51.6m on March 22. Grayscale ETF GBTC saw a single-day net outflow of $169m. BlackRock ETF IBIT saw single-day net inflows of just $18.89m, marking two days of record lows. Fidelity ETF FBTC saw single-day net… <a href="https://t.co/BMlhtRR99b" rel="noopener noreferrer nofollow">pic.twitter.com/BMlhtRR99b</a>
 — Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1771390574475858061?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 23, 2024</a>
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If the supply pressure persists, the BTC price could break below $60000 and seek next support 50% retracement level at the $56250 mark. Until this level, a retracement phase is considered healthy and suitable to recuperate the exhausted bullish momentum.&nbsp;
Thus, if the buyers manage to sustain above the aforementioned supports, the <a href="https://coingape.com/kraken-uk-chief-endorses-bitcoin-etfs-for-british-investors/" rel="noopener noreferrer nofollow">BTC</a> price could rebound strongly in the coming weeks and aim to surpass the $73750 high.
<h2 id="b-bitcoin-volatility-looms-as-long-inactive-tokens-hit-the-market-b">Bitcoin Volatility Looms as Long-Inactive Tokens Hit the Market</h2>
Bitcoin has recently undergone a notable shift in its trading dynamics, as highlighted by trader @alicharts. There’s been an unprecedented activation of dormant Bitcoin tokens, marking the largest such movement in the past two years. This indicator is viewed as a signal of impending market movements, as long-dormant coins can impact the market’s supply-demand balance and potentially lead to a period of increased trading volatility.
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> has just witnessed its biggest surge in dormant <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> tokens changing hands in more than two years, signaling a potential increase in price volatility ahead. <a href="https://t.co/8tLXOrVI8U" rel="noopener noreferrer nofollow">pic.twitter.com/8tLXOrVI8U</a>
 — Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1771527699741180274?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">March 23, 2024</a>
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The uncertain price behavior usually attracts a bearish outlook and could lead to the Bitcoin price correction below $56250. Losing this support may hint at extended correction or sideways action for the coming month.
<h2 id="b-technical-indicator-b">Technical Indicator&nbsp;</h2>
<ul>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: The BTC price above 100-and-200-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> reflects the long-term remains bullish.</li>
 <li style="font-weight: 400;" aria-level="1">Vortex Indicator: A bearish crossover between VI+(blue) and VI-(pink) slope indicates the sellers are strengthening their grip over this asset.</li>
</ul>
The post <a href="https://coingape.com/markets/bitcoin-price-under-healthy-retracement-hints-a-retest-to-70k/" rel="noopener noreferrer nofollow">Bitcoin Price Under Healthy Retracement Hints a Retest to $70K</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price Under Healthy Retracement Hints a Retest to $70K

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