Bitcoin Rises Again, But Faces The $70,000 Barrier

Mar 06, 2024 at 20:17 // Price
Coin Idol

The price of Bitcoin (BTC) continues to rise, but is coming up against obstacles at the psychological price threshold of $70,000. Price analysis by

Long-term forecast for the Bitcoin price: bullish

On March 4, the largest cryptocurrency climbed to a high of $68,577 before being pushed back. The correction was short-lived as bulls bought on dips. On March 5, buyers drove the Bitcoin price to a high of $69,210, resulting in a significant setback. The Bitcoin price fell to a low of $59,008, but quickly recovered. Bitcoin is currently valued at $66,267.

BTC has been trading below its recent high for the past 48 hours, indicating an imminent uptrend. According to price predictions, Bitcoin will rise to a high of $75,000 if the current resistance is broken. However, it is likely to fall if the bears drop below the $59,000 support level.

Bitcoin indicator reading

On the 4-hour chart, the cryptocurrency's price bars returned above the moving average lines as the bulls bought the dips, indicating a potential rise in BTC price. On March 5, the long candlestick tail indicates significant buying at the lower price level.

Technical indicators:

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

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

BTCUSD (Daily Chart) –March 6.jpg

What is the next direction for BTC/USD?

Bitcoin has recovered from its slide above the $59,000 support and has risen to a high of $67,645. The price of the cryptocurrency is hovering between $59,000 and $70,000. The cryptocurrency will skyrocket once buyers break above the current highs. In the meantime, the Bitcoin price is retesting the recent high and continuing its upward trend.

BTCUSD (4-hour Chart) –March 6.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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