Bitcoin

Resistance

Bitcoin price traded to a new all-time high above $69,000 before crashing. BTC is now consolidating near $63,000 and might decline toward the $60,000 support. 
<ul> 
 <li>Bitcoin price created history again and traded to a new all-time above $69,000.</li> 
 <li>The price is trading below $65,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could extend losses and revisit the key $60,000 support zone.</li> 
</ul> 
<h2 id="bitcoin-price-takes-hit">Bitcoin Price Takes Hit</h2> 
Bitcoin price extended its increase above the $68,000 resistance. BTC even broke the $68,800 level and traded to a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-ath-70k/" target="_blank" rel="noopener ">new all-time high</a> at $69,218. However, there was a strong bearish reaction from $69,200. 
The price crashed over 10% and dived toward the $60,000 zone. There was a break below a key bullish trend line with support at $66,000 on the hourly chart of the BTC/USD pair. A low was formed near $59,150 and the price is now attempting a recovery wave. 
There was a move above the $62,000 resistance. It is now facing resistance near the $64,000 zone and the 50% Fib retracement level of the downward move from the $69,218 swing high to the $59,150 low. 
Bitcoin is now trading below $64,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-restarts-rally-65k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. Immediate resistance is near the $64,000 level. The next key resistance could be $64,200, above which the price could rise toward the $65,500 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_f7bdbb.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-596465" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_f7bdbb.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_f7bdbb.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_f7bdbb.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_f7bdbb.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_f7bdbb.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_f7bdbb.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_f7bdbb.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_f7bdbb.png?resize=1024%2C461?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"></a> 
Source: <a href="https://www.tradingview.com/symbols/BTCUSD/" target="_blank" rel="noopener nofollow">BTCUSD on TradingView.com</a> 
If there is a clear move above the $65,500 resistance zone or the 61.8% Fib retracement level of the downward move from the $69,218 swing high to the $59,150 low, the price could rise toward the $67,000 level. Any more gains might send the price toward the $70,000 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $64,200 resistance zone, it could start another downside correction. Immediate support on the downside is near the $62,000 level. 
The first major support is $61,500. If there is a close below $61,500, the price could start a decent pullback toward the $60,000 zone. Any more losses might send the price toward the $58,500 support zone. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. 
Major Support Levels – $62,000, followed by $60,000. 
Major Resistance Levels – $64,200, $65,500, and $67,000.

Bitcoin Price Crashes After New ATH, Are Dips Supported At $60K?

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