Bitcoin

The price of bitcoin was unable to break through the $28,500 resistance zone, which prompted a downward price reaction. A pessimistic response was observed after the Federal Reserve raised interest rates from 4.75 percentage points to 5 percentage points. BTC fell to a price that was lower than the $27,500 support zone.On the hourly chart of the BTC/USD pair, there was a breach below an important bullish trend line that had support near $27,900. This trend line was located near the $27,900 area. Even lower than that, trades took place below the $27,000 threshold. The price has reached a low somewhere close to $26,623, and it is currently correcting its losses.The price of bitcoin broke above the 23.6% Fib retracement level of the decline that began when it reached a high of $28,879 and ended when it reached a low of $26,623. It is currently trading at a price that is lower than $27,800 as well as the 100 hourly simple moving average.To the upside, an immediate barrier of resistance can be found close to the level of $27,750, and current trading levels are lower than $27,800 as well as the 100 hourly simple moving average. It is quite close to the 50% Fib retracement level of the decline that began from the swing high of $28,879 and ended at the low of $26,623.The next significant barrier to overcome is located close to the $28,000 zone. A sustained break above the $28,000 resistance level may signal the beginning of another significant climb. Given the scenario described, there is a chance that the price will go closer to the level of $28,500. Any further advances might potentially drive the price into the zone of resistance at $28,850.If the price of bitcoin is unable to break through the resistance level of $28,000, it may start another drop. The region around the $27,000 price point acts as an immediate support on the downside.The region around $26,600 represents the next significant area of support. Should there be any further selling pressure, the price may go closer to the $26,000 support zone. The area around the $25,200 price point constitutes the next significant support.

Bitcoin Price Corrects But Uptrend Is Still Intact and BTC Could Rally Again

ItsBitcoinWorld

23 मार्च 2023 को प्रकाशित अन्य लेख

Announcing Findora’s Multichain Partnership

Analysis of Coinbase Layer 2 network Base and OP Stack

Okcash Takes the Binance Smart Chain by Storm: Listed on Uniswap and Among Top 50 Traded Coins

MetalCore Partners with Web3 Gaming Platform Immutable Games to Make Web3 Gaming More Futuristic

Visa Highlights Rise in Crypto Thefts and Commits to Crypto Partnerships

NFT Collection MiningverseNFT Official Price, Stats, and Review

रोजाना क्रिप्टो अपडेट पाने के लिए हमारे मुफ्त न्यूजलेटर से जुड़ें!