Bitcoin Recovers And Fluctuates Above The $67,000 Mark

Mar 15, 2024 at 22:19 // Price
Coin Idol

The price of Bitcoin (BTC) has continued to rise despite the rejection of its recent peak. Price analysis by

Bitcoin price long-term forecast: bullish

The cryptocurrency value rose to a high of $73,666 but was rejected. Buyers were unable to sustain their bullish momentum above the $74,000 mark. Today, the cryptocurrency has fallen to a low of $67,472.

On the downside, BTC price could retrace and find support above the 21-day SMA. The uptrend will resume above the moving average line. Bitcoin will surpass the high of $80,000 if it breaks above the $74,000 resistance.

On the flip side, Bitcoin is expected to fall further above the 50-day SMA or the low of $53,000 if the price falls below the 21-day SMA. At the time of writing, the value of Bitcoin stands at $68,290.

Bitcoin indicator reading

Bitcoin price retraces and rises above the 21-day SMA. This increases the likelihood of a further uptrend in the cryptocurrency. The 4-hour chart shows that the BTC price is below the moving average lines, indicating a recent decline. The decline has slowed above the $66,000 mark.

Technical indicators:

Key resistance levels – $60,000 and $70,000

Key support levels – $50,000 and $40,000

BTCUSD (Daily Chart) –March 15.jpg

What is the next direction for BTC/USD?

Bitcoin is nosediving after its rejection of the $74,000 resistance level. The price of the cryptocurrency fluctuated below the resistance zone for 48 hours before falling. Bitcoin has regained support above the $66,000 level and is resuming its uptrend. The largest cryptocurrency will resume its uptrend if it breaks above the moving average lines.

BTCUSD (4-hour Chart) –March 15.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.

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