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Bitcoin (BTCUSD) Price May Breakup the $73709.99 Supply Mark Soon

Johnathon Fox
03/23/2024 | UPDATED ON: 03/23/2024

Bitcoin (BTCUSD) Price Forecast: March 23
The BTCUSD price may break up the mentioned supply level soon as the coin price is waving to the support level gradually. The coin is more likely to climb above the $7300 high value soon to stabilize the crypto market, if the bulls regroup and push higher, a bullish breakout from the $73709.99 previous high will accelerate the new correction phase. The $76000 resistance mark and beyond might be the target.

Key Levels:
Resistance Levels: $64000.00 $65000.00, $66000.00
Support Levels: $51000.00, $50000.00, $49000.00

BTC (USD) Long-term Trend: Bullish (Daily Chart)
Bitcoin turns positive today. The price is trading in a bullish momentum above the EMAs and may break the $73709.99 high level soon in its higher time frame. This looks nice for the buy trader and signifies a buy signal.
Bitcoin (BTCUSD) Price May Breakup the $73709.99 Supply Mark Soon
The successful breakout by the bulls to the $68150.00 supply value in the past few days has made it possible for the largest crypto market to retain its bullish strength in its recent high.

The crypto rebounded from the $64525.00 support value and pushed higher to the $66651.10 supply level above the EMA-50 as the daily chart opens today. This indicates a genuine reversal which may break up the $73709.99 crucial supply mark.

In light of this, a bullish impact by the buy investors toward the higher side is likely as indicated by the daily stochastic pointing in an upward direction, the bulls could therefore aim at the psychological level of $76000.00 resistance value in the day ahead as BTCUSD pair may likely break up the $73707.99 supply levels soon in its long-term perspective.

BTC (USD) Medium-term Trend: Bearish (4H Chart)
In the medium term, the Bitcoin pair is displaying a negative trend. However, the price may break the $73709.99 high mark soon as the crypto has just begun its rising pattern.
Bitcoin (BTCUSD) Price May Breakup the $73709.99 Supply Mark Soon
The price bars can be seen below the moving averages. This is due to the high inflow from the sell traders. However, there is about to be a turnaround for coin-buy traders.

Pressure from the bears to a $64831.10 low value in the past few hours has dropped the crypto price below the supply trend line in recent times.

The market price of BTCUSD which increases to a $66285.22 high level below the moving averages as the 4-hourly session opens today suggests the return of the bulls to the market and an improved bullish market sentiment. Thus, closing the 4-hourly session above the $71706.71 may break the $73709.99 high point and this may put the trade more on the buy side.

Notably, the coin is in an upward direction on the daily stochastic, therefore, if additional selling power is prevented, a post-retest rally may drive the prices high to break up the mentioned resistance and hit the $76000.00 resistance value soon in its medium-term time frame.

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About Johnathon Fox

Johnathon is a Forex and Futures trader with over ten years trading experience who also acts as a mentor and coach to thousands and has written for some of the biggest finance and trading sites in the world.

View all posts by Johnathon Fox →
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