Bitcoin's Price Battle: Analyzing Seller Resistance at Key Moving Averages

Monday, 18 March 2024, 18:47

The price of bitcoin saw fluctuations today, with sellers leaning against the falling 100-hour moving average. Key level to watch is $68,142 as sellers defend. A sustained move below $64,927 would strengthen the bearish bias while buyers show support at 38.2% retracement level. Traders await to see if bullish or bearish bias will prevail in the battle for bitcoin price control.
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Bitcoin's Price Battle: Analyzing Seller Resistance at Key Moving Averages

Sellers Defend Key Moving Averages

The price of bitcoin experienced up-and-down action today, with sellers resisting near the 100-hour moving average. A defining level at $68,142, the moving average is crucial for short-term direction.

Bearish Bias Strengthens Below $64,927

A sustained move beneath the $64,927 level would reinforce the bearish outlook, prompting traders to probe further downside potential.

Buyers Show Strength at 38.2% Retracement

Despite bearish signals, buyers exhibit strength by supporting the near 38.2% retracement level, indicating a battle between bullish and bearish forces.

Prospects for Bitcoin Price Direction

Traders monitor the ongoing battle to determine if bullish or bearish sentiment will dominate, seeking clues from key price levels to anticipate future price moves.


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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