{"id":10455,"date":"2026-03-12T05:11:07","date_gmt":"2026-03-12T05:11:07","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-rally-fades-market-braces-for-possible-downside\/"},"modified":"2026-03-12T05:11:07","modified_gmt":"2026-03-12T05:11:07","slug":"bitcoin-price-rally-fades-market-braces-for-possible-downside","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/bitcoin-price-rally-fades-market-braces-for-possible-downside\/","title":{"rendered":"Bitcoin Price Rally Fades, Market Braces for Possible Downside"},"content":{"rendered":"<p><em>Bitcoin price failed to extend its recovery wave above the $70,500 zone. BTC is now consolidating and might decline again below $68,500.<\/em><\/p>\n<ul>\n<li>Bitcoin started a decent recovery wave above the $68,500 zone.<\/li>\n<li>The price is trading above $68,650 and the 100 hourly simple moving average.<\/li>\n<li>There is a key declining channel or a possible bullish flag forming with support at $68,400 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair might dip again if it trades below the $68,400 and $68,000 levels.<\/li>\n<\/ul>\n<h2>Bitcoin Price Faces Key Resistance<\/h2>\n<p>Bitcoin price remained elevated and extended its increase above the $68,800 level. BTC climbed above the $69,500 and $70,000 resistance levels.<\/p>\n<p>The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $74,062 swing high to the $65,645 low. However, the bears are still active near $71,200. The price failed to extend gains and started a bearish wave below $70,000.<\/p>\n<p>Bitcoin is now trading above $68,800 and the 100 hourly simple moving average. There is also a key declining channel or a possible bullish flag forming with support at $68,400 on the hourly chart of the BTC\/USD pair.<\/p>\n<p><img decoding=\"async\" data-recalc-dims=\"1\" loading=\"lazy\" class=\"size-full wp-image-886861\" src=\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2026\/03\/Bitcoin_415bd2.png?resize=1024%2C512\" alt=\"Bitcoin Price \" width=\"1024\" height=\"512\" \/><\/p>\n<p>If the price remains stable above $68,400, it could attempt a fresh increase. Immediate resistance is near the $70,000 level. The first key resistance is near the $70,500 level. A close above the $70,500 resistance might send the price further higher. In the stated case, the price could rise and test the $71,200 resistance. Any more gains might send the price toward the $72,000 level or the 76.4% Fib retracement level of the downward move from the $74,062 swing high to the $65,646 low. The next barrier for the bulls could be $72,650.<\/p>\n<h2>More Downside In BTC?<\/h2>\n<p>If Bitcoin fails to rise above the $70,500 resistance zone, it could start another decline. Immediate support is near the $68,800 level. The first major support is near the $68,400 level.<\/p>\n<p>The next support is now near the $68,000 zone. Any more losses might send the price toward the $67,250 support in the near term. The main support now sits at $66,500, below which BTC might struggle to recover in the near term.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now below the 50 level.<\/p>\n<p>Major Support Levels \u2013 $68,400, followed by $68,000.<\/p>\n<p>Major Resistance Levels \u2013 $70,500 and $71,200.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price failed to extend its recovery wave above the $70,500 zone. BTC is now consolidating and might decline again below $68,500. Bitcoin started a decent recovery wave above the $68,500 zone. The price is trading above $68,650 and the 100 hourly simple moving average. There is a key declining channel or a possible bullish&hellip;<\/p>\n","protected":false},"author":1,"featured_media":10456,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145],"tags":[65,108,73,70,71,146],"class_list":["post-10455","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusd","tag-btcusdt","tag-xbtusd"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/10455","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=10455"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/10455\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media\/10456"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=10455"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=10455"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=10455"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}