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

Mar 22, 2024 04:00 am Cryptocurrency 66

Bitcoin price failed to recover above the $68,000 resistance zone. BTC is sliding and might decline again toward the $62,000 support zone.

Bitcoin price started a decent increase but struggled near the $68,000 zone.

The price is trading below $66,000 and the 100 hourly Simple moving average.

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).

The pair must clear the $66,200 resistance zone to start a fresh increase.

Bitcoin Price Faces Hurdles

Bitcoin price attempted a decent recovery wave 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 ..

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