Bitcoin Price At Risk of Another Downside Thrust Before Higher

Mar 7, 2024 04:00 am Cryptocurrency 59

Bitcoin price is struggling to settle above the $68,000 resistance. BTC is now consolidating and might decline toward the $63,400 support zone.

Bitcoin price is struggling to gain pace for more gains above the new all-time.

The price is trading above $65,000 and the 100 hourly Simple moving average.

There is a short-term bearish trend line forming with resistance near $67,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).

The pair could extend losses and revisit the $63,400 support zone.

Bitcoin Price Faces Hurdles

Bitcoin price started a nasty decline from the new all-time high of $69,218. BTC crashed to $59,150 before it trimmed losses. It climbed back above $65,000, but the bears are now protecting more upsides above the $67,500 level.

A high was formed at $67,635 and the price is now consolidating. It is trading above the 23.6% Fib retracement level of the upward move from the $59,150 swing low to ..

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