Bitcoin Price Takes a Step Back: Analyzing The Recent Correction

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,070,087,085,851	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,070,087,085,851

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-2,294.65	-4.03%	54,685.74	54,679.72	54,682.33

Price Change

Price Change %

Current Price

Bid Price

Offer

-2,294.65

-4.03%

54,685.74

54,679.72

54,682.33

High Price	Low Price	Open Price	Prev. Close	52 Week Range
57,515.60	53,499.90	56,963.72	56,980.39	24,900.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

57,515.60

53,499.90

56,963.72

56,980.39

24,900.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	11:09:50	0.017265	54,682.69	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

11:09:50

0.017265

54,682.69

USD

Price x Volume	Volume	Base Symbol	Related Pairs
820,897,295.53	14,857.95	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

820,897,295.53

14,857.95

Bitcoin Price Takes a Step Back: Analyzing The Recent Correction

03/07/2024 3:48am

NEWSBTC

Bitcoin price failed to continue higher above the $63,650 resistance zone. BTC is now correcting gains and might revisit the $60,850 support. Bitcoin started a downside correction from the $63,650 resistance zone. The price is trading below $62,500 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair might struggle to start a fresh increase above the $62,250 resistance zone. Bitcoin Price Dips Again Bitcoin price struggled to extend gains above the $63,650 and $63,800 resistance levels. A high was formed at $63,798 and the price started a downside correction. The price declined below the $63,000 level. The bears were able to push it below the $62,500 level and the 100 hourly Simple moving average. There was also a move below the 50% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high. Bitcoin price is now trading below $62,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance at $61,850 on the hourly chart of the BTC/USD pair. The bulls are now trying to protect the $61,400 zone and the 61.8% Fib retracement level of the upward move from the $59,951 swing low to the $63,798 high. If there is another increase, the price could face resistance near the $61,850 level and the trend line. The first key resistance is near the $62,250 level. The next key resistance could be $62,500. A clear move above the $62,500 resistance might start a steady increase and send the price higher. In the stated case, the price could rise and test the $63,250 resistance. Any more gains might send BTC toward the $63,650 resistance in the near term. More Losses In BTC? If Bitcoin fails to climb above the $62,250 resistance zone, it could continue to move down. Immediate support on the downside is near the $61,400 level. The first major support is $60,850. The next support is now forming near $60,500. Any more losses might send the price toward the $60,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $61,400, followed by $60,850. Major Resistance Levels – $62,250, and $62,500.

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

BTCUSD Bitcoin