The Bitcoin (BTC) price has so far failed to make new all-time highs above $ 60,000 this week. The rally has come to a halt due to negative news from India, along with general macro-economic weakness and rebounding of the US dollar, after the break-up above $ 58,000.
This resulted in a pullback towards $ 53,000 on 16 March. Such a move is normal, as bull markets typically go in waves. In other words, the market will find a new balance of buyers and sellers, after which it will decide where to go next.
Overall, the market has been quite uptrend, as the price of bitcoin has risen from $ 11,000 to $ 60,000 in just six months.
Bitcoin fails to break $60,000
The four-hour chart shows clear support at $ 53,0, which once again held. The subsequent continuity is seen upwards on the four-hour chart of bitcoin.
Continuing this up then met the next major resistance at $ 58,400 to $ 60,000. This may be the final key resistance level before the next impulse wave toward $ 68,000.
However, the bitcoin price could not break through this resistance zone yesterday, which has pushed it back towards its previous limit. The top of the range is $ 58,800 to $ 60,000, while the bottom support area is at $ 54,000 to $ 55,000 and $ 53,000.
The pressure will likely see a build-up that results in an inverted breakout as long as the price of bitcoin stays within this range.
BTC/USD remain bullish on the daily time frame
The daily chart for BTC / USD shows a strong uptrend, which has been the case for six months. This has been confirmed through high lows and high highs. As the recent low was made at $ 62,000, any price above this level means that the bull market is not in danger.
On the other hand, the Relative Strength Indicator (RSI) represents a slowdown divergence, although still invalid. The divergence deviation becomes valid once the previous resistance zone once again turns into resistance, and even more importantly, once the price of bitcoin starts to make lower lows.
Therefore, the $ 50,000 field is an important area to watch as it should become the new high low area. However, even if $ 50,000 is lost, the final anchor of support can be found at $ 62,000 and 21 weeks MA.
The uptrend must continue as long as these areas take hold. This should cost Bitcoin $ 8,000, as this is the next Fibonacci level to see.
Total crypto market cap eyes $2 trillion
The daily chart for the total cryptocurrency market capitalization shows a structure similar to the price of bitcoin.
In this regard, there is significant support for keeping the $ 1.5 trillion level. As long as it holds, it is very likely to continue towards $ 2 trillion. The next Fibonacci level is found to be between $ 2 trillion and $ 2.1 trillion, or nearly three times higher than the previous all-time high in 2017.
Potential scenario for Bitcoin
A possible scenario for the price of bitcoin is further action in the form of BTC / USD Compress. To do this, the market would need to re-test the level of support and resistance above the current range.
After these tests, consolidation will complete and a new impulse wave can begin. In this regard, the $ 60,000 barrier may serve as resistance for some time. Thus, a re-test of the $ 55,000 field is on the table as long as the $ 60,000 serves as a resistance.
Holding the $ 55,000 support level would open the door to $ 68,000 as the next point of interest.
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