Bitcoin Price Reaches Inflection Zone As The Bears Slowly Take Control
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.
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The article has a slightly negative sentiment as it discusses the possibility of a downside break and decline in Bitcoin price.
What is the current price of Bitcoin and what is the risk it faces?
What caused BTC to start a downside correction?
What are the major support and resistance levels for Bitcoin price?
What do the technical indicators show about the current state of BTC/USD?
What is the next major resistance level if Bitcoin price clears the $25,200 resistance?