Bitcoin's March 2024 Rebound: Analyzing the Latest Price Movements
Solid ECN – Bitcoin bounced from its March 2024 low, the $60,700 mark, in yesterday's trading session, Tuesday.
As of this writing, the BTCUSD pair trades at about $67,700, slightly below the Ichimoku Cloud. The 4-hour chart shows that digital gold is trying to stabilize the price above the EMA 50, while the Awesome Oscillator and the RSI have flipped above their signal lines. Therefore, the technical indicators are bullish, but the Bitcoin bulls face the $68,900 barrier to overcome if they wish the price to surge higher.
From a technical standpoint, the downtrend will likely extend if the price stabilizes itself below the EMA 50. This attempt hasn't been achieved so far in today's trading session. Therefore, watch the EMA 50 on the BTCUSD 4-hour chart.
Conversely, the uptrend would continue if bullish traders break the aforementioned barrier. In this scenario, the March higher high, $73,700, would be the initial target for the bull market.