Fun

Bitcoin levels to watch next as BTC price risks sub-$60K retest

News Feed - 2024-03-19 04:03:08

William Suberg1 hour agoBitcoin levels to watch next as BTC price risks sub-$60K retestBitcoin bulls face an uphill struggle to stem selling amid worries that BTC price weakness will end up challenging levels below $60,000.1982 Total views7 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) is hitting fresh intraweek lows on March 19 — where could BTC price action end up?


This is the question for traders and analysts as downside momentum continues across crypto markets.


After successive new all-time highs, Bitcoin is testing the resilience of levels only recently reclaimed as support. So far, a reliable floor has not been found.


Market observers are thus outlining more fundamental lines in the sand, while also planning for a potential relief bounce.


Some argue that the United States Federal Reserve’s interest rates decision, due March 20, will be a decisive event that alleviates pressure on oversold crypto assets. The run-up to previous meetings of the Federal Open Market Committee (FOMC) has often seen risk-asset suppression in the past.


Cointelegraph takes a look at some popular bets when it comes to BTC/USD in the short term.BTC price “key support” extends toward $50,000


In a repeat of the move, which followed its first new all-time high earlier this month, Bitcoin is rapidly headed toward the $60,000 zone.


This is the critical point on traders’ radars, and one which has not received a convincing retest.


“I think we at least get a sweep of last weeks low,” popular trader George summarized on X.“If that doesn’t hold I think we see sub 60k again.”BTC/USD chart. Source: George


Fellow trader Ali used realized price distribution (URPD) to show where the current set of unspent transaction outputs, or UTXOs, were created. This gives an insight into the cost basis and areas of interest when it comes to support and resistance.


“Some of the key Bitcoin support levels to watch are $61,100, $56,685, and $51,530,” he explained, examining ground below $60,000.“On the other hand, critical resistance points for $BTC stand at $66,990 and $72,880.”Bitcoin URPD data. Source: Ali


Using Fibonacci retracement levels, meanwhile, analyst Mark Cullen highlighted a raft of support levels that could come into play.


A chart uploaded to X additionally flagged a “bullish order block” of bids sitting right at the current spot price below $64,000.


“Looking at the high volume nodes & fib levels, where i think we could see the correction end up. It will also depend on how the FOMC meeting plays out tomorrow,” Cullen wrote in part of the accompanying commentary.BTC/USD liquidity, Fibonacci levels composite chart. Source: Mark CullenFOMC seen as “local bottom for risk”


On the topic of FOMC, this continues to form the week’s main macro focus — not just for Bitcoin and altcoins, but for the broader risk-asset spectrum.


Related: FOMC meets halving ‘danger zone’ — 5 things to know in Bitcoin this week


“The lower we go now, the higher we are by the time Jerome stops speaking on Wednesday,” financial commentator Tedtalksmacro forecast.


Tedtalksmacro suggested that given the sticky nature of inflation, Fed Chair Jerome Powell would aim to strike a hawkish tone, resetting any premature market expectations of a rate cut.


“Good chance his speech is the local bottom for risk,” he concluded.


BTC/USD is currently volatile around $64,000, as confirmed by the latest data from Cointelegraph Markets Pro and TradingView.BTC/USD 1-hour chart. Source: TradingView


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Bitcoin Price# MarketsAdd reactionAdd reactionRead moreSpot Bitcoin ETFs hit negative flows as GBTC sheds $642M in a dayIs Bitcoin ready for new all-time high now that excessive leverage is gone?Price analysis 3/18: SPX, DXY, BTC, ETH, SOL, BNB, XRP, ADA, AVAX, DOGE

News Feed

Tristan Greene5 hours agoResearchers develop crypto literacy scale to measure consumer financial awarenessThis could help raise cryptocurrency education, insulate consumers against scams and increase the potential for we
Omni Network seals $600M deal with Ether.Fi
Zoltan Vardai9 hours agoOmni Network seals $600M deal with Ether.FiThe $600 million worth of Ether will be restaked on EigenLayer.1284 Total views6 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCo
Cryptopunks and BAYC Floor Values Go Head-to-Head, as the Punks Briefly Surpass Bored Apes
Cryptopunks and BAYC Floor Values Go Head-to-Head, as the Punks Briefly Surpass Bored Apes On Sunday, August 21, 2022, the floor value of the Cryptopunks non-fungible token (NFT) c
Big Brother Nigeria Housemates Participate in Bitcoin Quiz, Get $500 BTC as Reward
Big Brother Nigeria Housemates Participate in Bitcoin Quiz, Get $500 BTC as RewardEighteen housemates of Nigeria’s version of Big Brother took part in a bitcoin quiz with each
Crypto Touted by Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps the Next Day
Crypto Touted by Kim Kardashian Climbs 124% After SEC Charges, Token Value Dumps the Next Day Following the U.S. Securities and Exchange Commission (SEC) charges against the social
$15 Million Bounty on Maduro: US Charges Venezuelan President With Narco-Terrorism and Drug Trafficking
$15 Million Bounty on Maduro: US Charges Venezuelan President With Narco-Terrorism and Drug Trafficking The U.S. has charged 14 high-ranking officials of the Venezuelan governmen
Brayden Lindrea5 hours agoIs Binance’s $4B settlement the green light for spot Bitcoin ETFs?One crypto executive predicted five months ago that spot Bitcoin ETFs would only be approved after Binance lost ground on its
Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Fall Lower Against USD
Bitcoin, Ethereum Technical Analysis: BTC, ETH Prices Fall Lower Against USD Cryptocurrency markets were trading lower for a second consecutive session, leaving bitcoin and ethereu
Bobatama (BOBA) Is Now Available for Trading on LBank Exchange
Bobatama (BOBA) Is Now Available for Trading on LBank Exchange press release PRESS RELEASE. INTERNET CITY, DUBAI, Mar. 16, 2022 – LBank Exchange, a global digital asset tradi
20 More Block Rewards from 2010 Spent Today— Why Are Decade-Old Bitcoins Waking Up?
20 More Block Rewards from 2010 Spent Today— Why Are Decade-Old Bitcoins Waking Up? Following the 21 coinbase rewards from 2010 spent on November 7, another lo
Stellantis Owned Fiat Launches Metaverse Store Using Touchcast and Microsoft Tech
Stellantis Owned Fiat Launches Metaverse Store Using Touchcast and Microsoft Tech Fiat, an automotive brand property of Stellantis, has launched its first metaverse-based store, wh
Dogecoin Buy Signal Hints At Upside As Funding Rate Keeps Rising
Este artículo también está disponible en español. Dogecoin tests a critical liquidity area of around $0.112 after days of choppy price action. While the broader crypto ma