- Bitcoin dropped 17% from its all-time high of $73,750 to $61,164.
- Bitcoin ETFs faced the largest three-day outflow since their January 11 launch.
Despite recent favorable movements in the crypto market, Bitcoin (BTC) investors encountered hurdles as the leading cryptocurrency struggled to breach the key resistance level of $68,000. However, following a brief dip to $61,164 on March 20th, Bitcoin managed to recover, maintaining a position above the $66,000 to $67,300 range.
Bitcoin’s resilience in its recent price movements was evident, although it faced considerable resistance upon approaching the $68,000 mark. This led to a temporary dip before rebounding.
The current BTC/USD pair’s trading patterns suggest a short-term downward trend or a positive consolidation, with the $67,500 level emerging as a significant obstacle to initiating a new bullish wave.
Bitcoin’s Recent Price Movements
Today, Bitcoin surged above $65,500, briefly surpassing $66,000 and $67,500. However, selling pressure around the $68,000 level hindered further ascent. Presently, Bitcoin is trading at $66,417, although still below the 100-hour simple moving average, as bullish momentum is being sustained at a key technical retracement level.
According to the hourly chart, if the trend continues and BTC encounters an entry above the $67,000 mark, it will trigger more rallies. A decisive move above $67,800 could provide the necessary push to overcome the $68,500 barrier, potentially setting the stage for a move toward $70,000.
Conversely, if Bitcoin finds substantial support at $64,500, a further decline possibly leads to significant support levels at $63,000. There’s a risk of a downward trend towards $61,500, potentially reaching a support zone near $60,000.
Source: https://thenewscrypto.com/bitcoin-struggles-to-break-68000-should-investors-worry/