Bitcoin Price Collapses and Threatens to Fall To A Low of $58,500

Bitcoin Price Collapses and Threatens to Fall To A Low of $58,500

Mar 20, 2024, at 09:55 // Price


Bitcoin's (BTC) price has dropped after reaching $74,000. CryptoGuestPosts has released a new analysis of BTC's price.

Bitcoin price forecast for the long term: Bearish

The cryptocurrency reached a peak of $73,794 and then was beaten down. The price of the cryptocurrency dropped below the SMA for 21 days, and the rise was over. The Bitcoin price is currently trading between moving average lines. At the time this article was written, Bitcoin's value was $62,261. According to the indicator, Bitcoin's value is expected to drop even more.

BTC has dropped below the 21-day SMA. It could drop further over the 50-day SMA, or even lower than the $56,944 low.

The value of the cryptocurrency will fluctuate, however, as long as the lines between them remain. Bitcoin's positive trend will continue if buyers maintain the price above 21-day SMA. If the 50-day SMA is broken, then the price will fall to $51,000 and even lower.

Bitcoin indicator reading

Bitcoin's recent rally ended when bears broke through the support of the 21-day SMA. Bitcoin has been struggling to recover since it fell below the 21-day SMA. It is currently trading above the 50-day SMA, but below the 21-day SMA. Bitcoin's price continues to decline, with price bars below moving average lines on 4-hour chart.

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Technical indicators

Key Resistance Levels - $60,000 $70,000

Key Support Levels - $50,000 and $40,000.

What is the future direction of BTC/USD?

Bitcoin is falling as it has been rejected by the $74,000 level of resistance. BTC's price rose during the March 17 decline, and the candlestick body that retraced the correction tested the Fibonacci level of 61.8%. The correction predicts Bitcoin will drop below the 1.618 Fibonacci Extension or the low of $58.514.

Disclaimer. This analysis and forecast is the personal opinion of the author. It does not represent a recommendation to purchase or sell cryptocurrency, and should not be considered as an endorsement from CryptoGuestPosts. Before investing in funds, readers should conduct their own research.

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