Bitcoin is Set to Retest $70,000
Bitcoin is trading largely neutral around $68,000 per coin on Monday. The cryptocurrency experienced heightened volatility over the weekend, dropping to $64,560, marking the lows for March 6, before recovering on Sunday.
The decline in Bitcoin's price could be attributed to the downturn in the U.S. stock market, as investors anticipate hawkish comments from the Federal Reserve amidst rising inflation concerns. Of note, BTC prices slipped below the $70,000 support level, indicating potential weakness. The subsequent retest of this level will determine Bitcoin's direction moving forward. Failure to break through this now resistance could activate a downside scenario with targets set at $60,000.
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