Bitcoin lost support over the past week, causing prices to fall below $69,000, prompting traders to start looking for the next level of support in the future.
Bitcoin previously reached $69,000, the highest level of 2021, and then collapsed again on March 9.
A week later, the price of Bitcoin returned to this area again. This has led many to look at the $69,000 level as a major support level for Bitcoin.
Bitcoin support and resistance
An analyst who goes by the name Ali Martinez tweeted: What are the support and resistance levels for Bitcoin?
He predicted that the key support level is currently located around $64,750 – $66,700, and if this area is broken, Bitcoin could drop to $60,760 – 62,790. On the upside, Martinez said that the 70,180-71,340 level is considered the main resistance level for Bitcoin.
What is the price of Bitcoin now?
Currently, Bitcoin's price is around $67,884, which is well below its 2021 high.
Interestingly, the price of Bitcoin is currently above the support level predicted by Ali Martinez, and if this support is broken, the price of Bitcoin will fall to $60,760 – $62,760, with address buying of Bitcoin, at this price amounting to about 1 million addresses.
In the meantime, investors will need to be careful in their trades and evaluate Bitcoin price risks at different times. The cryptocurrency market is volatile and unpredictable. Investors must have proper risk management in investing.
source: Feinbold
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