Cryptocurrency Price on March 6: Bitcoin tumbles after hitting new record high above $69,000
Bitcoin hit a high of $69,170, topping November 2021's all-time peak of $68,999.99. Investor interest has increased since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. It then reversed course and was recently down around 2% at $65,694 at 10:57 am.
«Bitcoin faces a bearish trend as the hourly MACD gains momentum in the bearish zone. The hourly RSI for BTC/USD is below the 50 level, indicating increased selling pressure. Key support levels are at $62,000 and $60,000, while major resistance levels stand at $65,500, and $67,000. Traders should monitor these levels for potential market movements,» said Rajagopal Menon, Vice President of WazirX.
Meanwhile, Edul Patel, CEO of Mudrex, said, «Despite the pullback, Bitcoin is currently trading above the $60,000 threshold level. Bitcoin may likely rebound and continue its upward trajectory after a correction due to positive factors such as Bitcoin spot ETF growth and upcoming halving event.»
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View Details»Also Read: Is crypto back? What to know about bitcoin’s surge
Among other major crypto tokens, Dogecoin fell 9.6%, while Shiba Inu declined 7.3%. BNB, XRP, Cardano, Avalanche, Polkadot, Chainlink, and Polygon also declined 4-6%.
However, the world's second-largest cryptocurrency, Ethereum surged 0.4% to $3,735 in the last 24 hours.
The total crypto
