Bitcoin Price Surges Back Above $73,000 Amidst Buyer Support

Wednesday, 13 March 2024, 07:20

Bitcoin successfully bounced back above $73,000 after a brief dip below $70,000, showing resilience from buyers and a positive near-term bias. The key hourly moving averages indicate strong technical momentum favoring buyers, with potential to consolidate levels above $70,000 in the near future.
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Bitcoin Price Surges Back Above $73,000 Amidst Buyer Support

Bitcoin Price Analysis

Bitcoin experienced a slight dip below $70,000, but resilient buyers prevented a further decline. The hourly chart shows the timely intervention of buyers, avoiding a significant breakdown.

Key Near-Term Support

The drop below $70,000 seemed alarming, with the price reaching as low as $68,600. However, buyers managed to hold ground and push the price above the 100-hour moving average, signaling a bullish bias.

Technical Momentum

The hourly moving averages serve as a crucial indicator of Bitcoin's near-term technical momentum. Currently, the momentum is in favor of buyers as they aim to secure levels above $70,000.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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