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Bitcoin price facing final resistance before $68K?

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Bitcoin’s (BTC) price has up to now didn’t make new all-time highs above $60,000 this week. After the breakout above $58,000, destructive information from India, in addition to common macroeconomic weak spot and rebounding U.S. greenback, seem to have halted the rally. 

This resulted in a pullback towards $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’ll determine the place to go subsequent.

General, 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. Supply: TradingView

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

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

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

The strain will seemingly 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. Supply: 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. Because the current low was created at $42,000, any price above this degree implies that the bull market isn’t at risk.

Alternatively, 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.

Therefore, the $50,000 area is an important space to look at as that ought to grow to be the brand new increased low area. Nonetheless, even when $50,000 is misplaced, the final anchor of assist could be discovered at $42,000 and the 21-Week MA.

So long as these areas maintain, the uptrend ought to proceed. This could convey Bitcoin’s price to $68,000, as that’s the following Fibonacci degree to look at.

Whole crypto market cap eyes $2 trillion

Whole market capitalization crypto 1-day chart. Supply: TradingView

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

On this regard, the essential assist to carry is the $1.5 trillion degree. So long as it holds, continuation towards $2 trillion could be very seemingly. The following Fibonacci degree is discovered between $2 and $2.1 trillion, or virtually 3 times increased than the earlier all-time excessive in 2017.

Potential state of affairs for Bitcoin

BTC/USD 4-hour chart. Supply: TradingView

A potential state of affairs for Bitcoin’s price is additional sideways motion as BTC/USD compresses. To do that, the market might want to retest the aforementioned assist 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 could 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 assist degree will open the door to $68,000 as the following focal point.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph. Each funding and buying and selling transfer entails threat. It is best to conduct your personal analysis when making a call.

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