Rally

Bitcoin

Resistance

Bitcoin price tested the $65,000 support zone. BTC is now rising and attempting a fresh increase above the $70,000 resistance zone in the near term. 
<ul> 
 <li>Bitcoin price is showing a few positive signs from the $65,000 zone.</li> 
 <li>The price is trading below $70,000 and the 100 hourly Simple moving average.</li> 
 <li>There was a break above a major bearish trend line with resistance at $67,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).</li> 
 <li>The pair could gain bullish momentum if it clears the $70,000 resistance zone in the near term.</li> 
</ul> 
<h2 id="bitcoin-price-holds-support">Bitcoin Price Holds Support</h2> 
Bitcoin price started a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-slides-68k/" target="_blank" rel="noopener ">downside correction</a> from the $73,500 zone. There was a steady decline below the $70,000 support zone and the bears pushed the price below $68,000. 
Finally, the price tested the $65,000 support zone. A low was formed at $64,555 and the price is now attempting a <a href="https://www.newsbtc.com/analysis/btc/bitcoin-price-surge-toward-75k/" target="_blank" rel="noopener ">fresh increase</a>. There was a move above the $66,500 resistance zone. The price climbed above the 23.6% Fib retracement level of the downward move from the $73,734 swing high to the $64,555 low. 
There was also a break above a major bearish trend line with resistance at $67,100 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $70,000 and the 100 hourly Simple moving average. 
Immediate resistance is near the $69,200 level or the 50% Fib retracement level of the downward move from the $73,734 swing high to the $64,555 low. The next key resistance could be $70,000, above which the price could rise toward the $71,200 resistance zone. 
<a href="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c10f0a.png?resize=1024%2C461"><img loading="lazy" decoding="async" class="alignnone size-full wp-image-598382" src="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c10f0a.png?resize=1024%2C461" alt="Bitcoin Price" width="1024" height="461" srcset="https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c10f0a.png?resize=1024%2C461?w=1835 1835w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c10f0a.png?resize=1024%2C461?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c10f0a.png?resize=1024%2C461?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c10f0a.png?resize=1024%2C461?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c10f0a.png?resize=1024%2C461?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c10f0a.png?resize=1024%2C461?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/03/Bitcoin_c10f0a.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 $71,200 resistance zone, the price could even attempt a move above the $72,000 resistance zone. Any more gains might send the price toward the $73,500 level. 
<h2 id="more-losses-in-btc">More Losses In BTC?</h2> 
If Bitcoin fails to rise above the $70,000 resistance zone, it could start another decline. Immediate support on the downside is near the $67,000 level. 
The first major support is $65,000. The main support sits at $64,500. If there is a close below $64,500, the price could start a drop toward the $63,500 level. Any more losses might send the price toward the $62,000 support zone. 
Technical indicators: 
Hourly MACD – The MACD is now losing pace in the bearish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. 
Major Support Levels – $66,500, followed by $65,000. 
Major Resistance Levels – $69,200, $70,000, and $71,200.

Bitcoin Price Hits Support But Fresh Rally Faces Many Hurdles

目錄

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