Bittime - The price of Bitcoin (BTC) experienced a significant decline amid heated tensions between Israel and Iran. BTC briefly fell to around $60,500 and is currently trying to recover.
Bitcoin Recovery Efforts Face Obstacles
Bitcoin (BTC) price started a major decline below the $70,000 level. BTC is gaining bearish momentum amid rising tensions between Israel and Iran. There was a sharp decline below the $66,000 and $65,000 levels.
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The price fell more than 10% and even touched the support of $60,500. A low was formed near $60,495 and the price is now trying to recover. Bitcoin (BTC) managed to rise above the $62,500 and $63,000 levels. The price moved beyond the 23.6% Fibonacci retracement level of the decline that occurred between the swing high of $71,200 to the low of $60,495.
Challenges to Recovery
Currently Bitcoin (BTC) is trading below $67,000 and the 100 hourly simple moving average (SMA). The nearest resistance is around the $65,800 level. There is also a rising channel pattern with resistance at $65,850 on the hourly chart of the BTC/USD pair. The level is close to the 50% Fibonacci retracement level of the decline between the $71,200 swing high to $60,495 low.
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The first major resistance could be at $66,000. The next resistance is now at $68,000 and the 100 hourly SMA. In case of a clear move above the $68,000 resistance zone, the price could continue to rise. In this scenario, the price could rise towards $70,000. The next major resistance is near the $71,200 zone. Further upside could take Bitcoin (BTC) towards the $72,500 resistance zone in the near term.
Will Bitcoin Drop Again?
If Bitcoin (BTC) fails to rise above the $66,850 resistance zone, another decline could occur. The nearest support on the downside is near the $64,500 level. The first major support is $63,000.
If it closes below $63,000, the price could start to fall towards the $62,000 level. Further declines may take the price towards the $60,500 support zone in the near term.
How to Buy Bitcoin (BTC) from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
What is Bitcoin Halving and How Does It Affect Bitcoin?
BTC Futures and Crypto Exchange Liquidation Engine: Mechanisms, Functions and Risks
Risk of Bitcoin Correction Reduces, Large Investors Are Active Again
Investors Remain Optimistic Despite Falling Bitcoin (BTC) and Altcoin Prices: Santiment
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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