The world’s biggest cryptocurrency, Bitcoin, is currently experiencing a massive price fall for the last few days after reaching a new all-time high of $73,787. Since BTC’s price hit its ATH, it has dropped by more than 14%.
Bitcoin’s next support and resistance level
This continuous price fall in Bitcoin is creating suspense, with every crypto enthusiast speculating whether BTC will again drop below the $60,000 range. However, Bitcoin’s weekly chart supports this speculation, as it is forming a bearish candlestick pattern at the top of the resistance level. Besides the speculation, recently, on March 19, 2024, a prominent trader and analyst made a post on X (previously Twitter) and shared on-chain data highlighting the upcoming support and resistance levels for Bitcoin.
According to the on-chain data, the major support levels that Bitcoin might experience if it falls further are $61,100, $56,685, and $51,530, respectively. Whereas, if Bitcoin experiences a price surge in the coming days, some of the resistance levels that may create hurdles for Bitcoin are $66,990 and $72,880.
Despite this on-chain data, market sentiment and technical analysis are essential for any asset to forecast or predict its levels and speculate on whether it will experience resistance or support.
Bitcoin technical analysis and key levels
According to expert technical analysis, Bitcoin is currently looking bearish as it is forming a bearish evening star candlestick pattern at the top of the resistance level on a weekly timeframe. However, this evening star pattern will be confirmed after 5 days, as we are analyzing the Bitcoin chart on a weekly timeframe, and it takes 5 more days to close this candle.
As per the historical data, if any asset forms a bearish candlestick pattern at the top of the resistance level, there is a high possibility that the asset will experience a massive price fall.
Additionally, looking at the chart of Bitcoin on the weekly timeframe, if this evening star candle completes at this level or below the $63,000 level, then there is a high chance that Bitcoin will hit the $53,000 level in the coming days. Otherwise, if market sentiment reverses and Bitcoin’s price surges, with the weekly candle closing above $70,000, then there is also a possibility that Bitcoin will reach a new all-time high, with more price surges expected in the future.
Currently, Bitcoin is trading near the $64,000 level, and in the last 24 hours, it has experienced a price fall of over 5.5%. If we look at Bitcoin’s performance over a longer period, in the last 7 days, it has fallen by more than 10%, whereas, in the last 30 days, the overall price has soared by more than 22%. The current situation is quite challenging as investors and institutions are booking their profits, and we may see a few more days of price correction.
