The price is finding it difficult to settle above the 67,000 resistance. Bitcoin is now moving in a narrow range and may head towards the support area at $63,400. As the price of Bitcoin began a sharp decline from a new historical high, reaching $69,218. Bitcoin fell to $59,150 before trimming its losses. It rose again above the $65,000 level.
A top was formed at $67,635 and now the price is settling in a narrow range. It is trading above the 23.6% Fibonacci retracement level of the upward move from the low of $59,150 to the high of $67,635.
Bitcoin is still trading above the $65,000 level and the 100-hour simple moving average. Immediate resistance is near the $67,000 level. There is also a short-term bearish trend line forming with resistance near $67,000 on the hourly chart of the BTC/USD pair.
The next major resistance could be at $68,000, where the price could rise towards the $69,200 resistance area. If there is a clear move above the $69,200 resistance area, the price may rise towards the $70,000 level. Any additional gains could send the price towards the $72,000 level.
If Bitcoin fails to rise above the $67,000 resistance area, it may begin another bearish correction. Immediate support on the downside is near the $66,650 level. The first major support is $65,000. If there is a close below the $65,000 level, the price may start a pullback towards the 50% Fibonacci retracement level of the upward move from the low of $59,150 to the high of $67,635 at $63,400. Any additional losses may send the price towards the $62,500 support area.
2024-03-08 07:02:00
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