Bitcoin

Resistance

Bitcoin price started a strong recovery wave from the $60,800 zone. BTC is up nearly 10% and now facing hurdles near the $68,800 resistance. 
<ul> 
 <li>Bitcoin price started a decent increase from the $60,800 support zone.</li> 
 <li>The price is trading above $64,500 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a key bearish trend line with resistance at $65,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair must clear the $68,800 resistance zone to start a fresh uptrend.</li> 
</ul> 
<h2 id="bitcoin-price-recovers-10">Bitcoin Price Recovers 10%</h2> 
Bitcoin price <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-red-62k/" target="_blank" rel="noopener ">extended its decline</a> below the $62,500 zone. BTC even spiked below the $61,200 level before the bulls appeared near $60,800. A low was formed near $60,778 and the price is now moving higher. 
There was a decent increase above the $63,000 and $64,000 resistance levels. The price even cleared the 50% Fib retracement level of the downward move from the $68,898 swing high to the $60,778 low. There was a break above a key bearish trend line with resistance at $65,000 on the hourly chart of the BTC/USD pair. 
Bitcoin is now trading above $64,500 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-at-risk-65k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. It is also above the 76.4% Fib retracement level of the downward move from the $68,898 swing high to the $60,778 low. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b271e8.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-598932" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b271e8.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b271e8.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b271e8.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b271e8.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b271e8.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b271e8.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b271e8.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_b271e8.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> 
Immediate resistance is near the $68,000 level. The first major resistance could be $68,800. If there is a clear move above the $68,800 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $70,000 resistance zone in the near term. The next key resistance sits at $72,500. 
<h2 id="another-decline-in-btc">Another Decline In BTC?</h2> 
If Bitcoin fails to rise above the $68,800 resistance zone, it could start another decline. Immediate support on the downside is near the $66,800 level. 
The first major support is $65,500. The next support sits at $64,800. If there is a close below $64,800, the price could start a drop toward the $63,000 level. Any more losses might send the price toward the $62,500 support zone in the near term. 
Technical indicators: 
Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 60 level. 
Major Support Levels – $65,500, followed by $64,800. 
Major Resistance Levels – $68,000, $68,800, and $70,000.

Bitcoin Price Jumps 10% But Can Pump BTC Back To $70K?

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