Bitcoin Price Analysis: BTC Rips To New ATH Before Taking Hit
Bitcoin price started a downside correction from the new all-time high at $69,324 against the US Dollar.
The price is now trading above $60,000 and the 55 simple moving average (4 hours).
There was a break below a key rising channel with support at $64,400 on the 4-hour chart of the BTC/USD pair (data feed from Coinbase).
The pair could start a fresh increase if it stays above the $60,000 support zone.
Bitcoin price is correcting lower below $65,000 against the US Dollar. BTC might eye another increase if the bulls remain active above the $60,500 zone.
Bitcoin Price Analysis
Bitcoin price extended its increase above the $66,000 level and rallied toward the $70,000 resistance zone. A new all-time high was formed near $69,324 before the price started a downside correction. There was a clear move below the $66,500 and $65,000 levels.
The bears were able to push the price below the 23.6% Fib retracement level of the upward move from the $50,901 swing low to the $69,324 high. There was a break below a key rising channel with support at $64,400 on the 4-hour chart of the BTC/USD pair.
The price even spiked below $62,000. However, the bulls were active near the 50% Fib retracement level of the upward move from the $50,901 swing low to the $69,324 high.
Bitcoin is now trading above $60,000 and the 55 simple moving average (4 hours). Immediate resistance on the upside is near the $64,000 level. The next major resistance might be near the $65,500 zone. A clear move above the $65,500 level might send the price toward $67,500, above which the price might rise toward the $68,000 level. Any more gains might push the price toward the $70,000 zone.
If there is no upside break, the price might continue to decline below the $62,200 level. The first major support is $61,000. The next key support is near the $60,200 level, below which the price might accelerate lower. In the stated case, the price could decline toward the $58,000 level. Any more losses might send the price toward the $55,500 level.
Looking at the chart, Bitcoin price is clearly trading above $60,500 and the 55 simple moving average (4 hours). Overall, the price could start a fresh increase if it stays above the $60,000 support zone.
Technical Indicators
4 hours MACD – The MACD is now losing momentum in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is now below the 50 level.
Key Support Levels – $62,000 and $60,000.
Key Resistance Levels – $64,000, $65,500, and $67,500.
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Filed under: Bitcoin - @ March 6, 2024 3:18 am