BTC price corrects 5% after recording a new all-time high, but maintains buying strength

Tuesday, March 12, 2024, Bitcoin price tested the $73,000 resistance before correcting negatively. Ethereum tested $4,090 on Monday and is now also correcting, XRP after a 20% rally was unable to keep the price above $0.70 and corrected downwards. Solana, Cardano and Dogecoin are losing around 5%.

Bitcoin price extended its rally above the $72,000 resistance zone. BTC rose above $73,000 before starting a negative correction. Currently, the price of BTC was quoted at US$69,128.49 with a drop of 5% in the last 24 hours.

BTC started a downside correction and traded below the $70,000 level. However, the bulls are defending the $68,500 and $69,200 support levels. Loss of the $68,500 zone could see the price fall as low as $64,500 in the short term.

If there is a further increase, the price could overcome the resistance levels of $70,500, $73,000 or even the psychological mark of $80,000 in the short term.

Ethereum Price

Ethereum price also gained pace above the $4,000 resistance. ETH even surpassed $4,050 and tested the zone near $4,100. Recently, there was a downside correction below the $4,000 support. Bulls are now defending the $3,800 support. The next major support is near the $3,720 level.

On the upside, a fresh close above the $4,000 and $4,120 levels could possibly trigger a move towards the $4,880 and $5,000 levels.

Overall, bitcoin price is correcting gains well above $69,000. However, BTC may remain stable above $70,000 and may even begin a new ATH surge in the short term.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.