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Cryptocurrency News Articles
Bitcoin's March Toward $68,000: A Technical Analysis
Mar 25, 2024 at 01:22 am
Bitcoin is attempting to break through the $68,000 resistance level, with indicators suggesting a possible rally if it surpasses $67,500. Despite trading below $65,000, a bullish trendline supported by $65,900 on the hourly chart indicates a potential breakout. Overcoming $68,000 resistance could lead to further gains towards $69,000 and $70,000, while failure to do so may trigger a decline towards $66,000, $65,200, and $63,800.
Bitcoin's March Toward $68,000: A Technical Analysis
The cryptocurrency market continues to experience volatility, with Bitcoin once again attempting to break through a critical resistance level of $68,000. Technical indicators suggest that a substantial rally may be in the cards if Bitcoin can overcome the immediate hurdles of $67,500 and $68,000.
Bullish Momentum and Support Levels
After a notable pivot, Bitcoin's price has gained momentum, rising above the $65,000 mark. While it is currently trading below this level and the 100-hour Simple Moving Average (SMA), the cryptocurrency is displaying strong bullish sentiment, fueling optimism among investors.
A key technical indicator is the formation of a bullish trendline on the hourly chart of the BTC/USD pair. This trendline has a support level of $65,900, suggesting the possibility of an imminent breakout. Breaking above the $68,000 resistance will be crucial in determining the onset of a new rally.
Resistance and Support Zones
Bitcoin's ascent has faced significant resistance, but it has managed to stay supported above the $64,000 zone. It has steadily climbed past the $66,000 and $66,500 resistance levels. However, the upward trajectory has encountered strong bearish resistance near the $67,500 and $68,000 levels. This resistance led to a peak near $67,614, before the price consolidated its gains and began trading around the 23.6% Fibonacci retracement level of the upswing from $62,614 to $67,614.
Outlook and Key Levels
With Bitcoin currently trading above the $65,000 mark and the 100-hour SMA, a bullish trendline has emerged, with a support level of $65,900. The first significant resistance level is expected at $68,000. Breaking above this level would be a key milestone.
Should Bitcoin successfully push past the $68,000 resistance, it could continue to gain strength. Analysts anticipate that it could potentially move beyond the $69,000 resistance zone in the near future, with the next major resistance level at $70,000.
Conversely, if Bitcoin fails to break above the $68,000 resistance, it could trigger a decline. Immediate downside support is located near the $66,000 mark and along the aforementioned trendline.
Initial strong support is projected around $65,200 or at the 50% Fibonacci retracement level of the upswing from $62,614 to $67,614. Further support can be found at $63,800. A close below $63,800 could lead to a decline toward the $61,200 level. Further losses may drive Bitcoin's price toward the $60,500 support in the near term.
Technical Indicators
Technical indicators are painting a mixed picture. The MACD is slowing down in the bullish zone, while the RSI for BTC/USD is above 60. Key support levels are located at $65,900 and $63,800, respectively. On the other hand, significant resistance levels are encountered at $67,500, $68,000, and $69,200.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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