Bitcoin Price Indicators Show Vulnerability to Another Downside Correction

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,165,363,566,547	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,165,363,566,547

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	266.89	0.45%	59,388.09	59,388.09	59,388.10

Price Change

Price Change %

Current Price

Bid Price

Offer

266.89

0.45%

59,388.09

59,388.10

High Price	Low Price	Open Price	Prev. Close	52 Week Range
60,016.90	58,821.05	59,076.58	59,121.20	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

60,016.90

58,821.05

59,076.58

59,121.20

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
BSTP	07:46:15	0.003349	59,386.00	USD

Exchange

Last Trade

Size

Trade Price

Currency

BSTP

07:46:15

0.003349

59,386.00

USD

Price x Volume	Volume	Base Symbol	Related Pairs
167,850,683.55	2,819.51	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

167,850,683.55

2,819.51

Bitcoin Price Indicators Show Vulnerability to Another Downside Correction

29/03/2023 4:12am

NEWSBTC

Bitcoin price is attempting a recovery wave above the $27,000 resistance. BTC could gain bullish momentum if it clears the $27,700 resistance zone. Bitcoin is slowly moving higher from the $26,500 support. The price is trading below $27,500 and the 100 hourly simple moving average. There is a key bearish trend line forming with resistance near $27,700 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start a fresh decline if it fails to clear the $27,700 resistance zone. Bitcoin Price Faces Hurdle Bitcoin price remained well bid above the $26,500 support zone. BTC formed a base and recently started a fresh increase above the $26,850 resistance zone. There was a move above the $27,000 resistance zone. The price even spiked above the 50% Fib retracement level of the key decline from the $28,240 swing high to $26,490 low. However, the bears seem to be active near the $27,500 resistance zone. Bitcoin price is now trading below $27,500 and the 100 hourly simple moving average. There is also a key bearish trend line forming with resistance near $27,700 on the hourly chart of the BTC/USD pair. On the upside, an immediate resistance is near the $27,500 level and the 100 hourly simple moving average. The next major resistance is near the $27,700 zone and the trend line. The trend line is near the 61.8% Fib retracement level of the key decline from the $28,240 swing high to $26,490 low. Source: BTCUSD on TradingView.com A close above the trend line resistance might send the price towards the $28,200 resistance. In the stated case, the price could climb higher towards the $28,800 resistance, above which the price might start a steady increase. Fresh Decline in BTC? If bitcoin price fails to clear the $27,700 resistance, it could start another decline. An immediate support on the downside is near the $27,000 zone. The next major support is near the $26,650 zone. A downside break below the $26,650 support might spark bearish moves. The next major support is near the $25,500 level, below which the bears might take control. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $27,000, followed by $26,650. Major Resistance Levels – $27,500, $27,700 and $28,200.

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