RATE Group | Bitcoin Price Rejects $6.9K, But Is a Correction Now Imminent?
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Bitcoin Price Rejects $6.9K, But Is a Correction Now Imminent?

28 Mar Bitcoin Price Rejects $6.9K, But Is a Correction Now Imminent?

Posted at 19:00h in Bitcoin News by

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The price of Bitcoin (BTC) has shown a strong surge in the past weeks, as the price rallied from $3,750 to $6,900. However, the crucial $6,900 level wasn’t broken to the upside and confirmed as resistance. A similar move occurred on the equity markets, as the United States’ equity markets surged 25% in one week, but saw a sharp selloff of 4% in the last trading hour, going into the weekend. 

These movements lead to the general question: is there more blood to come for Bitcoin and crypto? 

Crypto market daily performance

Crypto market daily performance. Source: Coin360

Bitcoin price can’t break $6,900

The daily chart is showing a clear rejection at the $6,900 level, which is generally not a bullish perspective to look for. For bullish momentum, this area at $6,900 needed to be cleared, through which targets of $7,800 and $9,200 were back on the table. 

BTC USD 1-day chart

BTC USD 1-day chart. Source: TradingView

However, the breakout didn’t occur, and therefore the price is now seeking support levels. Main areas to watch for…

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