Bitcoin (BTC) Price Analysis and Prediction: BTC Back Up to $67,800 and Fighting the Resistance

Bitcoin is back up to $67,800 and fighting the resistance after staying below the $65,000 zone. The lowest price point Bitcoin touched was $63

Bitcoin price analysis for March 8, 2024.

Bitcoin price is back up to $67,800 and fighting the resistance after staying below the $65,000 zone for a long time. The lowest price point Bitcoin touched was $63,506.36 before it started riding back up. Let’s understand the crucial points behind the rise of Bitcoin.

Bitcoin price touched a high of $68,000 in the early hours of March 8, 2024, after which it faced a slight rejection and started consolidating. The price is now trading around the crucial support zone of $67,800.

On a 4-hour chart, we can see Bitcoin is trying to get a closing on the support level of $67,800 so it can retest the latest support. This surge in price is also due to the reason that crypto pro Presidential candidate Donald Trump would be speaking at the Bitcoin conference 2024 going on in Nashville on Saturday. Along with that, the Bitcoin ETFs are also seeing a rise in inflows. All these sentiments are showing that investors are regaining their trust in Bitcoin.

The hourly chart shows small moving averages like 20 and 50 crossing over to the bigger averages 100 and 200, which is a bullish move. The price is moving in a very strategic order, taking corrections after every few hours. If the price does not take regular small corrections, it will take a big correction after reaching a particular point.

In the 4-hourly chart, we can see a crossover in the MACD chart that shows the bulls are getting in power. On the other hand, if we check the liquidation data of Bitcoin, we can see a huge number of short traders got liquidated, indicating the bullish market movement.

Data from IntoTheBlock shows 93% of the people are in the money for Bitcoin and 7 percent are “at the money”.

At the time of writing, Bitcoin is trading at a price of $67,988 with a rise of 3.38% in the last 24 hours, even though the trading volume of BTC has reduced by 20.32%. The Fear and Greed Index is at 59 and has the market dominance of 55.4%.

Historic data shows that the market has a tendency to take a small correction after it surges and breaks a resistance. It is required so the market can retest the latest support. As of now, the price of Bitcoin is exactly at the support zone. And before it can proceed towards the $68,000 resistance zone it might need to consolidate at this zone for a few hours. Also, watch out for Donald’s speech at the Nashville conference, it can give a sudden pump to Bitcoin.

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