In the recent recovery, Bitcoin BTC encountered resistance and failed to push higher. While the price remained in a tight range, it currently looks weak on the daily chart – now on the verge of breaking down following a 1% loss.

Bitcoin recovered nicely from March’s correction but found it difficult to sustain pressure above the important $72,000 level – which is now marked as sub-resistance to the initial correction point of $73,700.

Following a twice rejection, the price fell and dipped to a daily low of $68,888. The bulls quickly reacted to this low and the price recovered a bit to where it currently trades at the $69,460 level.

However, the latest market condition appears frustrating for short-term traders as Bitcoin consolidates in a tight range for a week. Even though the price drops, the long-term traders are very optimistic about a bigger move after the halving takes place in about three weeks from now.

Looking at the price actions over the past three weeks, Bitcoin appeared to be forming a double-top pattern as seen on the daily chart.

It currently shows signs of weakness on the daily chart, but the trend remains bullish on a monthly outlook. A clear surge above last month’s high should confirm an extension of the bullish sentiment from a long-term perspective.

Bitcoin’s Key Levels To Watch

Source: Tradingview

While Bitcoin is currently facing down, the immediate support level for a breakdown lies at $69,000, followed by $64,000 and $64,000. The next major support to watch for a crackdown is $60,775.

If the bulls manage to retake $70,000, they may revisit the $71,800 resistance, followed by the $73,777 that was rejected last month. A breakup from there could send the price to $75,000 and mainly $80,000.

Key Resistance Levels: $71,800, $73,777, $75,000

Key Support Levels: $69,000, $64,000, $60,775

Spot Price: $69,462
Trend: Bullish
Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: andriiborodai/123RF // Image Effects by Colorcinch

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Filed under: Bitcoin - @ April 1, 2024 6:20 pm