Bitcoin Price At Risk of Another Downside Thrust Before Higher

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Breaking News: BREAKING: Bitcoin Price Soars To New All-Time High Above $69,000
Bitcoin
Bitcoin Price At Risk of Another Downside Thrust Before Higher
Aayush Jindal by Aayush Jindal March 7, 2024



Bitcoin price is struggling to settle above the $68,000 resistance. BTC is now consolidating and might decline toward the $63,400 support zone.

Bitcoin price is struggling to gain pace for more gains above the new all-time.
The price is trading above $65,000 and the 100 hourly Simple moving average.
There is a short-term bearish trend line forming with resistance near $67,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could extend losses and revisit the $63,400 support zone.
Bitcoin Price Faces Hurdles
Bitcoin price started a nasty decline from the new all-time high of $69,218. BTC crashed to $59,150 before it trimmed losses. It climbed back above $65,000, but the bears are now protecting more upsides above the $67,500 level.

A high was formed at $67,635 and the price is now consolidating. It is trading above the 23.6% Fib retracement level of the upward move from the $59,150 swing low to the $67,635 high.

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Bitcoin is still trading above $65,000 and the 100 hourly Simple moving average. Immediate resistance is near the $67,000 level. There is also a short-term bearish trend line forming with resistance near $67,000 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Source: BTCUSD on TradingView.com

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The next key resistance could be $68,000, above which the price could rise toward the $69,200 resistance zone. If there is a clear move above the $69,200 resistance zone, the price could rise toward the $70,000 level. Any more gains might send the price toward the $72,000 level.

Another Decline In BTC?
If Bitcoin fails to rise above the $67,000 resistance zone, it could start another downside correction. Immediate support on the downside is near the $66,650 level.

The first major support is $65,000. If there is a close below $65,000, the price could start a decent pullback toward the 50% Fib retracement level of the upward move from the $59,150 swing low to the $67,635 high at $63,400. Any more losses might send the price toward the $62,500 support zone.

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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 near the 50 level.

Major Support Levels – $65,000, followed by $63,400.

Major Resistance Levels – $67,000, $68,000, and $69,200.

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: bitcoinbitcoin pricebtcusdBTCUSDTxbtusd


Aayush Jindal
Aayush Jindal
Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.


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Bitcoin News
Breaking News: BREAKING: Bitcoin Price Soars To New All-Time High Above $69,000
Cardano
Cardano On-Chain Fundamentals Point To Massive Rally, Is $10 Possible?
Scott Matherson by Scott Matherson March 4, 2024



The Cardano network is showing bullish signs, which suggest that a price surge might be on the horizon for the ADA token. Based on price predictions made by some crypto analysts, the crypto token could rise to as high as $10 when this happens.

Cardano Network Is Healthy
Crypto analyst Ali Martinez highlighted in an X (formerly Twitter) post that the Cardano network appears healthy. This is based on several metrics in which the network continues to experience significant growth. This includes the notable rise in daily active ADA addresses, transaction volume, and transactions from ADA whales.

Related Reading: CEO Of Blockchain-Focused VC Firm Predicts XRP Price Will Reach $10
Martinez noted that this increasing activity “signifies strong network engagement and investor interest, positive indicators for continued growth.” It further suggests that more investors are increasingly bullish on the Cardano ecosystem (specifically ADA) ahead of the next bull run.

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Cardano’s growth since last year has been one of the major talking points for some time now. At the beginning of this year, Bitcoinist reported that the network had gained more adoption since last year. Notably, Cardano achieved a significant milestone in December 2023, when all its blocks were reported to have been filled.

More recently, Bitcoinist also reported how the network has seen massive growth in new wallets. Between February 22 and 23, Cardano witnessed almost a 90% jump in wallet creation, increasing from 1,706 to 3,227. The report also noted how Cardano has a diversified investor base, with retail and large-scale investors wanting to get in on the ADA token.

ADA To $10?
Cardano’s impressive on-chain fundamentals no doubt point to a massive rally from the ADA token. It also provides optimism that the crypto token rising to as high as $10 in the bull cycle is possible. Before now, several analysts had given their thoughts on how ADA’s price could increase exponentially when the bull market returns.

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Crypto analyst Dan Gambardello was among those who painted the most bullish picture for ADA, stating that it could rise to as high as $11. This prediction means that ADA will not only rise to the $10 mark but also surpass it. Meanwhile, crypto expert Jason Appleton (aka Crypto Crow) went as far as predicting that ADA will rise to $32 and noted that it will be one of the most altcoins when that time comes.

Ali Martinez once offered his ADA prediction when he mentioned how ADA could rise to $7 if it mirrors a historical move from 2020. ADA hitting $7 will undoubtedly make the $10 mark more feasible.

At the time of writing, ADA is trading at around $0.78, up over 11% in the last 24 hours, according to data from CoinMarketCap.

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Cardano price chart from Tradingview.com (ADA)

ADA price at $0.78 | Source: ADAUSD on Tradingview.com
Featured image from Zipmex, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Tags: ADAADA priceadausdADAUSDTCardanoCardano networkCardano newsCardano price


Scott Matherson
Scott Matherson
Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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About Us
NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer
The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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