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Bitcoin (BTC) Price Prediction for March 16

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Sat, 16/03/2024 - 15:55
Bitcoin (BTC) Price Prediction for March 16
Cover image via www.tradingview.com

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Bulls are back in the game at the beginning of the weekend, according to CoinMarketCap.

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Top coins by CoinMarketCap

BTC/USD

The rate of Bitcoin (BTC) has increased by 1.23% over the last 24 hours.

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Image by TradingView

Despite today's slight rise, the price of BTC is near the local support level of $67,734. If buyers fail to seize the initiative and the daily bar closes near $68,000 or below, there is a chance of a further drop to $67,000 tomorrow.

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Image by TradingView

On the bigger time frame, the rate of the main coin keeps falling after a retest of the resistance at $70,000. In this case, one can expect a further correction to the support level of $65,623 within the nearest days.

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Image by TradingView

On the weekly chart, the situation is less clear as the bar is about to close far from its low and peak. Respectively, neither bulls nor bears are dominating at the moment. All in all, sideways trading in the area of $66,000-$70,000 is the more likely scenario until the end of the month.

Bitcoin is trading at $68,091 at press time.

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