Bitcoin(BTC) broke about above the $60,000 key resistance after undergoing a month of forbearing price consolidation and correction. The Bitcoin market witnessed a historic surge this weekend, following a steady break above the $55,000 resistance. The bulls adjusted and strengthened the technicals until the coin finally thrashed another resistance at $58,000. As a result, Bitcoin has been trading above $60,000 and the 100 simple moving average for the better part of yesterday.
The BTC/USD pair had been struggling with a month-long target of $60,000. Facing several mild price movements and repeatedly testing all time high of $58,350. Now the top coin is trading at $60,896, after hitting a record high of $61,789 against the US dollar.
Bitcoin bulls heightened their anticipation for a record run and had steadily consolidated strength to beat multiple resistances. On Friday, all the indicators were pointing towards a bullish uptrend, and the market was expecting an upward correction above $60K.
Now the bulls have adjusted their target and are aiming for a historic $72,000 price level. This will be followed by a price target above the $100,000 support. While anticipation for further price surges heightens, the bears are preparing the market for dramatic sell-offs. A situation that may otherwise overturn the upward trend and create a dramatic downswing towards $57,000. However, Bitcoin has a solid support base of $59,500, and the bulls are likely to defend this support at all costs.
Bitcoin is correcting upwards and has already recovered above $61,000. This is after the coin faced a slight downside to $60,800. Besides, the coin has formed its first support around $60,000. The bulls are optimistic about taking complete control of the price and are forming a key ascending trendline with support at $58,500. Chances of a downside are less, but a slight downward correction could invite a decline towards lower supports.
Bitcoin surged to $61,000 on the daily chart. However, the historic upward correction had faced intense selling pressure around $61.8K, a price level where BTC set its ATH. However, the bulls remained intact and are defending the coin from sloping downwards below the $60,800 support.
There are two price hurdles on the upsides. These two are $61.5K and $61.8K. Both hurdlers are created by selling pressure. The bulls are hoping to break the $61.8 resistance and pave the way for an upside, targeting $62,500. There is another resistance at $65,000, which serves as the next key resistance on the BTC chart.
Bitcoin’s bulls are gaining solid momentum upward and are only waiting to break the $61,800 resistance. Once done with this price level, Bitcoin’s price might go on with its uptrend to $65K.
Traders are now poised towards the 1.618 Fibonacci extensions at $70,000, which they perceive as the next target for Bitcoin. Ethereum, which on most occasions, trades in sync with Bitcoin, also witnessed a 13% gain on the daily chart. Other altcoins followed suit, and most of them recorded double gains.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
This post was last modified on March 15, 2021 10:20 am
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