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The Bitcoin price plummeted more than 7% in the past 24 hours to trade at $67,358.95 at press time.
In a Mar. 15 X post, on-chain tracking platform Lookonchain noted that a depotist wallet belonging to leading exchange Binance shifted $4,637 BTC to the platform’s hot wallet in the last 24 hours.
Why is #Bitcoin down 6.6% today? We noticed that a #Binance deposit wallet moved 4,637 $BTC($329M) to #Binance hot wallet in the past 24 hours. Coincidentally, the deposit wallet also moved 4,876 $BTC($319M) to #Binance hot wallet during the $BTC drop on Mar 5. pic.twitter.com/EHEzGwV1U9 — Lookonchain (@lookonchain) March 15, 2024
Lookonchain added that a similar movement happened during the market leader’s sharp drop on Mar. 5.
Bitcoin Price Plummets to Resistance
4-hour chart for BTC/USDT (Source: TradingView)
Over the past 48 hours, the Bitcoin price has displayed significant volatility on the 4-hour chart, capturing the attention of traders and analysts alike. The closing prices are painting a picture of uncertainty in the crypto market.
The 9 Exponential Moving Average (EMA) has trended downwards, while the 20 EMA has similarly shown a decline. This convergence of the EMAs suggests a bearish momentum, as prices have consistently closed below these averages, indicating potential resistance to upward movements.
The Moving Average Convergence Divergence (MACD) further corroborates this sentiment, with the latest figures showing a MACD value of -316.47, signal value of 399.40, and a widening histogram at -715.87. This divergence highlights growing bearish momentum and could signal further declines if the trend persists.
Relative Strength Index (RSI) readings have also provided insight into the market’s condition, with the latest reading at 36.14, firmly in the bearish territory. This indicates that BTC may be oversold, presenting a precarious situation where the asset could either rebound or continue to face downward pressure.
Key Levels to Watch
Focusing on key levels, the immediate resistance and support levels are crucial for predicting BTC’s next moves. Resistance levels at $68,863.99 and $69,568.46 could serve as significant barriers to any upward movement, while support levels at $65,847.29, $61,598.00, and $61,410.98 are critical for preventing further declines.
Considering these technical indicators, traders might find potential entry points for short positions around the current resistance levels, with exit strategies planned near the support levels to minimize risks. Conversely, should BTC show signs of a bullish reversal, closely monitoring the resistance levels for breakout signs could offer opportunities for long positions, though caution is warranted given the overall bearish outlook.
In conclusion, the technical analysis of the Bitcoin price on the 4h chart suggests a bearish outlook in the short term, with key resistance and support levels providing vital markers for potential movements. Traders should consider both bearish and bullish scenarios, preparing for volatility with carefully thought-out entry and exit points.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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