Bitcoin Price Reaches Inflection Zone As The Bears Slowly Take Control

Aayush Jindal
Aayush Jindal

16 Mar 2023 3:15 AM

Bitcoin price is moving lower and trading below $25,000. BTC remains at a risk of a downside break if it stays below the $25,200 resistance zone....

  • Bitcoin price is currently trading below $25,000 and is at risk of a downside break if it stays below the $25,200 resistance zone.
  • BTC started a downside correction from the $26,500 resistance zone and declined below the $25,500 and $25,000 support levels to move into a short-term bearish zone.
  • The price is now consolidating in a range above the $24,000 level and is trading near the 23.6% Fib retracement level of the recent decline from the $26,526 swing high to $23,913 low.
  • A close above the $25,200 resistance might start a fresh increase towards the $26,000 resistance, while failure to clear the resistance could start another decline.
  • Technical indicators show that the MACD is losing pace in the bearish zone and the RSI for BTC/USD is now below the 50 level.

The article has a slightly negative sentiment as it discusses the possibility of a downside break and decline in Bitcoin price.

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