“Bitcoin’s value is currently stagnant, with a decrease of 2% in just 24 hours and a 3% decline over the past week. The market is currently at a standstill, but there are whispers of potential weakness that are dampening any optimism. In the days ahead, all eyes will be on the immediate resistance and support levels at $68,000 – reminiscent of the high point on March 20th – and $61,500, representing the lows of this week.
Despite the excitement and volatility of the cryptocurrency world, the current state of prices has hit a plateau, with the overall market value hovering around $2.5 trillion, as reported by industry trackers. As the market experiences a lull in price movement, trading volume has taken a sharp decline of 31% in just one trading day.
The following Bitcoin news events trended on March 22:
- Bitcoin’s recent turbulent journey has been fueled by the outflow of spot ETFs from GBTC, adding even more weight to the already struggling coin. But fear not, analysts remain optimistic, assuring us that the worst of the correction is behind us. With a 20% dip leading up to the highly anticipated halving, this was to be expected.
- Amidst the turbulent price swings, Bernstein exudes unwavering confidence in the future. The financial powerhouse has boldly revised its forecast for Bitcoin, anticipating a staggering surge to $90,000 by year-end, surpassing the current $80,000 mark. However, they caution of a potential drop in hash rate post-halving, hinting at a potential wave of miner capitulation.
Bitcoin Price Analysis
“Bitcoin’s value against the US dollar is feeling the heat, with spot rates putting it under pressure. However, a closer look at the daily chart reveals a horizontal trend.
While the overall upward trend remains intact, buyers must put in some serious efforts to push prices higher.
Exclusive: XRP price stalls below $0.60 as Ripple lawsuit nears healing stage
The Bitcoin (BTC) surge needs to continue, reason is this
QCP Capital predicts a huge Bull run after Bitcoin halving
And if they succeed, a significant breakthrough above $68,000 could ignite a surge in demand, propelling prices beyond the $70,000 mark.
But beware, if the correction persists, breaching this week’s lows could lead to even steeper losses, potentially dropping prices towards $59,000 or even lower.”