Bitcoin price shows weakness as it fails to sustain above the $58,000 resistance for the past 48 hours. Today, the market is fluctuating below and above it. Bitcoin bulls have lost the $60,000 psychological price level after two unsuccessful attempts at the resistance.
The bears have successfully broken the crucial support at $58,000 as bulls fail to reclaim it. There are indications of further downward movement of prices. Buyers have two hurdles to jump over. That is the hurdles at $58,000 resistance and the $60,000 psychological price level. For buyers to sustain the recent rallies they have to reclaim the crucial support of $58,000.
Bitcoin price will resume upside momentum at the crucial support level. Unfortunately, the BTC price is falling after retesting the $58000 high at the time of writing. Bitcoin risks deeper correction if the bears break the $54,000 support. The market is likely to decline to $50,000 and subsequently drop to $48,000. Conversely, if the $54,000 support holds, Bitcoin will resume a fresh uptrend to revisit the previous highs, especially, the reclaiming of the $58,000 high.
BTC price has stabilized above the 21-day and 50-day SMAs. The market will continue to rise as long as price is sustained above the moving averages. The trend line will remain unbroken as the price continues to rise northward.
Major Resistance Levels – $60,000 and $62,000
Major Support Levels – $45,000 and $40,000
Presently, Bitcoin’s price is still fluctuating between $54,000 and $60,000. The Fibonacci tool analysis has remained the same as the market consolidates above the current support. On March 15, a retraced candle body tested the 61.8 Fibonacci retracement level. The retracement indicates that the market will rise to level 1.618 Fibonacci extensions. That is the high of $70,679.80.
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.