Bitcoin price failed to recover above the $68,000 resistance zone. BTC is sliding and might decline again toward the $62,000 support zone.
- Bitcoin price started a decent increase but struggled near the $68,000 zone.
- The price is trading below $66,000 and the 100 hourly Simple moving average.
- There is a short-term declining channel or a bullish flag forming with resistance at $66,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must clear the $66,200 resistance zone to start a fresh increase.
Bitcoin’s price encounters obstacles.
Bitcoin’s price made a notable attempt to recover above the $65,000 resistance region. It managed to surpass both the $66,000 and $67,000 levels. Nevertheless, bearish pressure emerged around the $68,000 mark.
The price reached a peak at $68,137 before retracing lower. Subsequently, it broke below the $66,000 support level and dipped beneath the 23.6% Fib retracement level of the upward wave from the $60,778 low to the $68,137 high.
Currently, Bitcoin is trading under $66,000 and the 100 hourly Simple Moving Average (SMA). Bulls are striving to defend the 50% Fib retracement level of the aforementioned recovery, situated at $64,500.
Resistance lies near the $66,000 mark, and there appears to be a short-term descending channel or a bullish flag formation, with resistance near $66,200 on the hourly chart of the BTC/USD pair. The initial significant resistance could be encountered around $67,000.
![](https://sollcrypto.com/wp-content/uploads/2024/03/Screen-Shot-2024-03-22-at-8.09.41-AM.png)
A decisive break above the $67,000 resistance area could fuel further upward momentum for the price. Should this scenario unfold, there’s a possibility of surmounting the $68,000 resistance zone in the short run. The subsequent significant resistance level to watch for would be at $70,000.
Is BTC Heading for Further Losses?
Should Bitcoin struggle to surpass the $66,000 resistance zone, it may face further downside movement. Immediate support is anticipated near the $64,500 level.
The initial significant support stands at $63,500, followed by another at $62,000. A close below $62,000 could trigger a downward movement towards the $61,200 level. Additional losses might drive the price towards the $60,500 support zone in the short term.
Technical Indicators:
Hourly MACD – The MACD is currently indicating momentum in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD has dipped below the 60 level.
Key Support Levels – $64,500, followed by $63,500.
Key Resistance Levels – $66,000, $67,000, and $68,000.