Bitcoin price facing final resistance before $68K?

Bitcoin’s (BTC) price has up to now failed to make new all-time highs above $60,000 this week. After the breakout above $58,000, negative news from India, in addition to common macroeconomic weakness and rebounding U.S. greenback, seem to have halted the rally. 

This resulted in a pullback toward $53,000 on March 16. Such a transfer is regular because the bull market usually strikes in waves. In different phrases, the market will discover a new equilibrium of consumers and sellers, after which it is going to resolve the place to go subsequent.

Overall, the market has been in a major uptrend as Bitcoin’s price has accelerated from $11,000 to $60,000 in simply six months.

Bitcoin fails to interrupt $60,000

BTC/USD 4-hour chart. Source: TradingView

The 4-hour chart reveals obvious help at $53,000, which held as soon as once more. The subsequent continuation upward is seen on the 4-hour chart of Bitcoin.

This upward continuation then met the following huge resistance at $58,800-$60,000. This is the final key resistance stage before the following impulse wave towards $68,000 can occur.

However, Bitcoin’s price couldn’t break by this resistance zone yesterday, which has pushed it again towards its earlier vary. The prime of this vary is $58,800-60,000 whereas the underside help space is at $54,000-$55,000 and $53,000.

The strain will probably see a build-up leading to a breakout to the upside so long as Bitcoin’s price stays inside this vary.

BTC/USD rema bullish on the day by day timeframe

BTC/USDT 1-day chart. Source: TradingView

The day by day chart for BTC/USD reveals a robust uptrend, which has been the case for six months. This has been confirmed by increased lows and better highs. As the latest low was created at $42,000, any price above this stage implies that the bull market shouldn’t be in peril.

On the opposite hand, the RSI indicator reveals a bearish divergence albeit nonetheless invalid. The bearish divergence turns into legitimate as soon as earlier resistance zones flip into resistances as soon as once more, however extra importantly, as soon as the price of Bitcoin begins to make decrease lows.

Hence, the $50,000 area is an important space to observe as that ought to turn into the brand new increased low area. However, even when $50,000 is misplaced, the final anchor of help might be discovered at $42,000 and the 21-Week MA.

As lengthy as these areas maintain, the uptrend ought to proceed. This ought to deliver Bitcoin’s price to $68,000, as that’s the following Fibonacci stage to observe.

Total crypto market cap eyes $2 trillion

Total market capitalization crypto 1-day chart. Source: TradingView

The day by day chart for the overall cryptocurrency market capitalization reveals the same construction to Bitcoin’s price.

In this regard, the essential help to carry is the $1.5 trillion stage. As lengthy because it holds, continuation towards $2 trillion may be very probably. The subsequent Fibonacci stage is discovered between $2 and $2.1 trillion, or virtually thrice increased than the earlier all-time excessive in 2017.

Potential situation for Bitcoin

BTC/USD 4-hour chart. Source: TradingView

A potential situation for Bitcoin’s price is additional sideways motion as BTC/USD compresses. To do that, the market might want to retest the aforementioned help and resistance ranges of the present vary.

After these assessments, consolidation will likely be accomplished and a brand new impulse wave can start. In that regard, the $60,000 barrier might function resistance for a while. Thus, a retest of the $55,000 area is on the desk so long as $60,000 acts as resistance. 

Holding the $55,000 help stage will open the door to $68,000 as the following focal point.

The views and opinions expressed listed here are solely these of the author and don’t essentially replicate the views of Cointelegraph. Every funding and buying and selling transfer includes danger. You ought to conduct your individual analysis when making a call.

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