Bitcoin’s momentum is slowing down as the asset is trading in an important range. Analysts predict that the level of $60,000 will decide the next direction. It may rise or fall depending on whether or not key resistance and support levels are broken.
At the time of writing, Bitcoin (BTC) is trading at $67,901, with a 24-hour trading volume of $41.59 billion and a market capitalization of $1.35 trillion, according to CoinMarketCap. Over the last 24 hours, BTC has dipped by 0.39%, reflecting a cautious market atmosphere.
Bitcoin Faces Critical Support Test
On March 8, 2026, crypto analyst Crypto Patel emphasized the following on Bitcoin: “As of now, the price of Bitcoin is ranging between $62,000 and $72,000, and this could be the area from where the next major price action could come from.”
According to Crypto Patel, the price of Bitcoin at the support level of $60,000 is crucial because if the price holds, reactions could come at what analysts call Bearish Order Blocks 1 and 2.
On the other hand, if it does not rise above this high of $74,000, it could increase the chances of a decline in Bitcoin’s price below $50,000.
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Bitcoin Technical Overview Shows Weakness
The Relative Strength Index (RSI) of BTC is at 29.25, which is closer to the oversold area, whereas the signal line is closer to the level of 35.11. The price is trading at $67,508 after a fall of $1,737 or 2.64% for the week.
The Moving Average (MA) Ribbon shows strong resistance at $86,790, $87,338, and $98,777. On the other hand, the long-term 200-day MA is at $58,676, which serves as a key support level for BTC.
This indicates that the MACD is still below the zero line, implying that there is still downward pressure in the market. The MACD line is close to 9,672, and the signal line is around 7,227, while the histogram is close to 2,445, indicating that there are still sales in the market.
Overall, the BTC price is showing caution as the focus is on the critical $60,000 support level. The coming days will give us a better idea of what to expect in the next significant move.
Also Read | Bitcoin’s 9-Year Channel Reveals Next Cycle Bottom Near $63K
