Bitcoin

Resistance

Bitcoin price failed to recover above the $68,000 resistance zone. BTC is sliding and might decline again toward the $62,000 support zone. 
<ul> 
 <li>Bitcoin price started a decent increase but struggled near the $68,000 zone.</li> 
 <li>The price is trading below $66,000 and the 100 hourly Simple moving average.</li> 
 <li>There is a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair must clear the $66,200 resistance zone to start a fresh increase.</li> 
</ul> 
<h2 id="bitcoin-price-faces-hurdles">Bitcoin Price Faces Hurdles</h2> 
Bitcoin price attempted a decent <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-jumps-68k/" target="_blank" rel="noopener ">recovery wave</a> above the $65,000 resistance zone. BTC climbed above the $66,000 and $67,000 levels. However, the bears were active near the $68,000 level. 
A high was formed at $68,137 and the price is now moving lower. There was a break below the $66,000 support level. The price declined below the 23.6% Fib retracement level of the recovery wave from the $60,778 swing low to the $68,137 high. 
Bitcoin is now trading below $66,000 and the <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-turns-red-62k/" target="_blank" rel="noopener ">100 hourly Simple moving average</a>. The bulls are now trying to protect the 50% Fib retracement level of the recovery wave from the $60,778 swing low to the $68,137 high at $64,500. 
Immediate resistance is near the $66,000 level. There is also a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair. The first major resistance could be $67,000. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ccceee.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-599129" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ccceee.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ccceee.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ccceee.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ccceee.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ccceee.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ccceee.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ccceee.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_ccceee.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 $67,000 resistance zone, the price could continue to gain strength. In the stated case, the price could even clear the $68,000 resistance zone in the near term. The next key resistance sits at $70,000. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $66,000 resistance zone, it could continue to move down. Immediate support on the downside is near the $64,500 level. 
The first major support is $63,500. The next support sits at $62,000. If there is a close below $62,000, the price could start a drop toward the $61,200 level. Any more losses might send the price toward the $60,500 support zone in the near term. 
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 60 level. 
Major Support Levels – $64,500, followed by $63,500. 
Major Resistance Levels – $66,000, $67,000, and $68,000.

Bitcoin Price Rejects $68K, Indicators Signal Fresh Downside To $62K

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