Bitcoin Technical Analysis Report | 18th-March-2024


Bitcoin’s recent rollercoaster ride saw it surging to a record high of $73,777, only to swiftly retrace back to near $64,500. This volatility, often observed before halving events, has analysts predicting a minor correction. They expect strong buying interest from spot Bitcoin exchange-traded fund investors at lower levels. The resilience of the rebound will be a key indicator in determining whether the correction has concluded. A tepid recovery suggests ongoing selling pressure from bearish forces, heightening the potential for a more pronounced pullback. Conversely, a robust bounce would signal assertive buying activity at lower price levels, bolstering the outlook for a renewed uptrend.

At the time of writing BTC was trading at $67,967.

Bitcoin Monday Daily Chart-18th March 2024
Bitcoin (BTC) Chart

Bitcoin after taking multiple support at $40,000 resumed the up move and rallied up to $52,985. The asset was facing stiff resistance at $52,000 and started consolidating between $52,000 and $50,000. Post this move, BTC finally gave a breakout above the range and made the all-time high of $73,777. Post this move, BTC witnessed profit booking at the higher levels and the prices dropped to $64,533. The asset has a strong support at $64,000 and $60,000. If it holds and sustains above the support then we may expect the bulls to resume the up move and to further rally it needs to break and close above the recent all-time high.

Key Levels:

Support 2Support 1AssetResistance 1Resistance 2.

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