Bitcoin Sets Out On A New Upward Trend And Sets Its Sights On The High Of $30,000

Mar 20, 2023 at 10:00 // Price
Coin Idol
The price of Bitcoin has entered a new uptrend

Bitcoin (BTC) price finished its retracement when it reached the low of $27,231.

Bitcoin price long-term forecast: bullish

Buyers are driving Bitcoin to a high of $27,595 at the time of writing. As long as the Bitcoin price remains above the $27,000 support level, the uptrend has undoubtedly resumed. On March 19, the BTC price reached a high of $28,460 during an uptrend before coming under selling pressure. The market will reach the psychological mark of $30,000 if the cryptocurrency price rises and overcomes the resistance at $28,460 and $29,000 today. On the other hand, if the bulls are not able to break the recent high, the largest cryptocurrency will be forced to move below this mark. In other words, the price of the cryptocurrency will move in the range of $27,000 to $28,300. The price of BTC/USD is currently moving slightly towards the $28,000 resistance level.

Bitcoin indicator display

The largest cryptocurrency asset has been trading in an overbought zone since March 17. The Relative Strength Index currently shows a value of 69 for the period 14. The upside potential of the cryptocurrency is high. A bullish crossover occurs in Bitcoin when the 21-day line SMA rises above the 50-day line SMA, indicating a buy order.

BTCUSD_(Daily Chart) - March 20.23.jpg

Technical indicators:

Key resistance levels - $30,000 and $35,000

Key support levels - $20,000 and $15,000

What is the next direction for BTC/USD?

The price of Bitcoin (BTC) has entered a new uptrend as it approaches the resistance level at $28,000. The cryptocurrency is currently trading just above the current support, which is due to the presence of Doji candlesticks. Resistance at the recent high will be overcome if the price rallies to the upside.

BTCUSD(4 Hour Chart) - March 20.23.jpg

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

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