Bitcoin Surges To $58,000 Overhead Resistance, Can the Bulls Sustain the Bullish Momentum Above It?

Mar 10, 2021 at 11:37 // News
Coin Idol
Buyers have pushed Bitcoin price to retest the $58,000 resistance

BTC price has risen to $55,777 high but there was a pullback at the time of writing. The uptrend is possible after the bulls crack the $52,000 resistance which has been holding since February 23 breakdowns.

Buyers have the privilege to push BTC price to retest the $58,000 overhead resistance. However, they are facing another obstacle at the $55,000 resistance. Yesterday, the uptrend was stalled below the $55,000 resistance zone. 

Today, the bulls have broken the resistance level but the price made a pullback below it. Nevertheless, after the pullback, the bulls have resumed their onslaught on the upside. The bottom line is that buyers are capable of pushing the price to retest the $58,000 overhead resistance. Can the bulls sustain the current bullish momentum? On the upside, once the bulls clear the $58,000 overhead resistance, Bitcoin will rally to $61,000. However, the price indicator has indicated a possible retracement after a retest at the $58,000 high.        

Bitcoin indicator reading  

BTC price is at level 65 of the Relative Strength index period 14. This indicates that Bitcoin has not gotten enough room to rally on the upside. The daily stochastic is indicating that the price is above  80% range. Also, Bitcoin has reached the overbought region of the market. The upward move is unlikely.


Technical indicators:  

Major Resistance Levels – $60,000 and $62,000

Major Support Levels – $45,000 and $40,000

What is the next direction for BTC/USD?

As bulls break the $52,000 resistance, the focus has been shifted to the $58,000 overhead resistance. On March 10 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the market will rise to level 1.272 Fibonacci extension or the high of $57,492.40. The market will reverse as soon as it attains the Fibonacci level at level 1.272 extensions to 78.6% retracement level.


Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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