Bitcoin

Resistance

Percent

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-struggles-to-find-direction-as-prices-fluctuate/" data-wpel-link="internal">Bitcoin Struggles to Find Direction as Prices Fluctuate</a><br></p>
<p style="text-align: justify"><strong><a href="https://coin-turk.com/kripto-paralarda-son-durum-oax-bnx-id-neden-yukseliyor" data-wpel-link="internal">Bitcoin</a></strong> has been experiencing difficulties in determining its direction in recent days. The pioneer of the <a href="https://coin-turk.com/kripto-para-piyasasinin-degeri-2-trilyon-dolari-asti" data-wpel-link="internal">cryptocurrency</a> world continues its tough battle in the $70,000 resistance zone. However, recent developments indicate that <a href="https://coin-turk.com/btc-usd-teknik-analizi-bitcoin-fiyat-tahmini" data-wpel-link="internal">BTC</a> is trending back towards the red. At the time of writing, <a href="https://en.coin-turk.com/bitcoin-and-ethereum-market-analysis-reasons-for-low-risk-appetite/" data-wpel-link="internal">BTC</a> has fallen to levels around $66,000. So, what levels should be monitored for BTC at this point?</p> 
<h2 style="text-align: justify" id="bitcoin-price-drops-by-5-percent">Bitcoin Price Drops by 5 Percent</h2> 
<p style="text-align: justify"><strong>BTC</strong>/USD pair continues its downward trend, suffering a loss of over 5% and falling below the $67,500 level. When we examine these market developments in detail, we can see that the momentum of decline has been gained from the $70,000 resistance zone. The price is currently trading below $68,500 and is also under the 100-hour simple moving average.</p> 
<p style="text-align: justify">Looking closely at the hourly chart, we notice the formation of a significant downward trend line around $68,400. This suggests that BTC’s downward trend could extend towards the $64,000 support zone in the near term.</p> 
<h2 style="text-align: justify" id="sharp-movements-in-btc">Sharp Movements in BTC</h2> 
<p style="text-align: justify">With the recent movements, the BTC price broke the $69,200 support zone and sharply retreated below the $68,500 level. We even observed an acceleration in the decline as the price fell below the $67,000 level. <a href="https://en.coin-turk.com/analyst-expects-bitcoin-to-surpass-40000-level/" data-wpel-link="internal">Bitcoin</a>, having tested the $66,000 level most recently, is now in the midst of a recovery wave.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-336228 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/btc-usd-coin-turk-com-.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">However, with the price moving above the $66,800 level, we see it has risen above the 23.6% Fibonacci retracement level of the downward move from $69,884 to $65,992. Meanwhile, the immediate resistance is near the $68,000 level. This level is close to the 50% Fibonacci retracement level of the downward move.</p> 
<h2 style="text-align: justify" id="if-bitcoin-fails-to-surpass-key-resistance">If Bitcoin Fails to Surpass Key Resistance</h2> 
<p style="text-align: justify">Bitcoin’s inability to break above the $68,000 resistance level is catching the attention of many analysts and increasing the likelihood of a downward move. Currently, an immediate support level seems to be near $66,000. However, a break below this level could drive the price further down.</p> 
<p style="text-align: justify">Upon examining BTC’s current situation, we find that the first major support level is at $65,000. If the price falls below this, the next support is at $64,000. From there, a retreat to around $62,500 seems possible. Further losses could drag the price towards the $60,500 support zone in the near term.</p> 
<p style="text-align: justify">Looking at the technical indicators, we see that the hourly MACD is in the bearish zone. Similarly, the hourly <strong>RSI</strong> (Relative Strength Index) for BTC/USD is trending below the 50 level, indicating that selling pressure continues.</p> 
<p style="text-align: justify">The main support levels to note are $66,000 and $65,000. However, if the desire for an uptrend persists, resistance levels of $68,000, $68,500, and $70,000 emerge as barriers.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-struggles-to-find-direction-as-prices-fluctuate/" data-wpel-link="internal">Bitcoin Struggles to Find Direction as Prices Fluctuate</a></h5>

Bitcoin Struggles to Find Direction as Prices Fluctuate

Table of Contents

COINTURK NEWS

Autres articles publiés le 2 avr. 2024

Dogecoin Price Teeters as Support Levels Test Investor Resolve

Nearly $100M in crypto hacks recovered in March, says PeckShield

Exploring the Intersection of AI and Blockchain

April’s Crypto Game-Changers: 7 Events Set To Drastically Impact The Course Of Digital Currencies

After Exploit, Solana-based Telegram Bot Solareum Decides to Shut

Building Trust in AI: A Path Towards a Safer Future

Join our free newsletter for daily crypto updates!