2024-03-16 14:52:20
Bitcoin has lost support over the past week, causing prices to fall below $69,000. This has caused traders to start looking for the next level of support ahead.
Bitcoin previously hit $69,000, the Cycle High of 2021, and then crashed back on March 9.
A week later, the price of Bitcoin returned to this zone once more. This has led many to view the $69,000 level as Bitcoin’s key support level.
Bitcoin Support and Resistance
One analyst who goes by the name Ali Martinez tweeted: What are the support and resistance levels for Bitcoin?
He predicted that The key support level is currently around $64,750 – 66,700, and if it breaks this zone, Bitcoin might fall all the way to $60,760 – 62,790. On the upside, Martinez said that the 70,180 – 71,340 level is considered the key resistance level for Bitcoin.
#Bitcoin has established a solid support range between $64,750 and $66,700, where 382,000 addresses hold more than 275,000 $BTC. Monitoring this level closely is crucial, as losing it might shift the focus to the next significant demand zone between $60,760 and $62,790,… pic.twitter.com/QlZzoojSNB
— Ali (@ali_charts) March 15, 2024
What is the price of Bitcoin now?
Currently, Bitcoin’s price is around $67,884, well below its 2021 high.
Interestingly, Bitcoin’s price is currently above the support level predicted by Ali Martinez. If this support is broken, the price of Bitcoin will fall to $60,760 – $62,760, with Addresse buying Bitcoin. At this price it is regarding 1 million addresses.
In the meantime, investors will need to be careful with their trading and assess the risks of Bitcoin prices at different times. The crypto market is a volatile and unpredictable market. Investors should have appropriate risk management in investing.
Source: Fineball
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