Bitcoin Tests ₱4,131,102 ($70,000) Support After ₱4,225,528 ($71,600) Rejection
Bitcoin rejected at $71,600 and pulled back to test support near $70,000. Bulls need to clear $70,500 to target $72,000, or risk a slide toward $66,500.
Key Takeaway
Bulls need to clear $70,500 soon or risk a slide toward $66,500 support.
Bitcoin rejected at $71,600 after a recovery wave, triggering a correction that tested support near the $70,000 zone as bulls defend critical levels.
The price found support around $68,500, a zone that aligns with the 100 hourly simple moving average, before recovering toward $69,200. Bulls pushed through $70,000 briefly but failed to hold momentum above $70,250, triggering a fresh wave of selling pressure. The hourly MACD is gaining pace in bearish territory while the RSI hovers near the 50 level, signaling indecision.
A bullish trend line on the hourly chart shows support at $70,400, but that line is now under pressure. If bulls can reclaim $70,500, the next resistance sits at $71,500. A clean break there opens the door to $72,000 and potentially $72,650. Bitcoin had rallied from $62,000 to $74,000 between January and February before stalling at that swing high.
The rejection came after Bitcoin breached the 61.8% Fibonacci retracement level during its recovery wave. The next Fibonacci target sits at 76.4%, but bulls need to hold above $69,280 to keep that scenario alive. A break below that threshold risks a slide toward $68,000, followed by $67,250 and the main support at $66,500.
Bitcoin's pullback came as rising Middle East tensions drove oil prices up around 7% in early March, prompting investor caution toward risky assets. The cryptocurrency declined 1.18% against gold during the correction, compared to 2.34% against fiat, suggesting store-of-value behavior rather than pure risk-on sentiment.
This article was written based on reporting from NewsBTC.
