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March 5 Bitcoin Update Thread

Written By: ChartChamp

March 5, 2024

Yesterday $BTC rose above the light blue resistance zone, and rallied towards previous all time highs around $69k. However, BTC stopped just short of reaching new all time highs at the orange trendline. There has been a pullback and retest of $65k, and BTC is continuing to show some strength this morning with a bullish bounce. I think the price is likely to trade sideways below $69k for now, and we’ll see if BTC starts to break down over the next few days.

$BTC Attempting a Bullish Retest of $63.9K Here

$BTC has started dropping, but BTC is attempting to form a bullish retest of this $63.9k resistance line to flip it into support here. Looks like there will be a bounce and rebound here. I think BTC could continue trading between $64k and $69k for now.

BTC Update – Strong Rejection at $69k

BTC had a strong rejection at previous all time highs ($69k). The bounce at $63.9k failed and BTC is in a strong downtrend here. There could be a bullish rebound within this light blue resistance zone, and a lot of volatility that wrecks both shorts and longs. Strong selloff for now, be careful for the rebound.

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