The price of bitcoin (BTC) has yet to reach new all-time highs above $60,000 this week. After breaking through the $58,000 level, negative news from India, along with general macroeconomic weakness and the recovery of the US dollar, seems to have halted the rally.

This led to 16. March to withdraw $53,000. This movement is normal, as a bull market usually moves in waves. In other words: The market will find a new balance between buyers and sellers and then decide how to proceed.

Overall, the market is in a significant uptrend, with the price of bitcoin rising from $11,000 to $60,000 in just six months.

Bitcoin was not more than $60,000

4 hour chart of BTC/USD. Source: TradingView

The four-hour chart shows clear support at the $53,000 level. The continuation of the bullish trend can be seen on Bitcoin’s 4-hour chart.

This upward movement then reached the next major resistance at $58,800-60,000. This is the last major resistance level before the next wave of momentum towards $68,000.

However, yesterday the bitcoin price failed to break through this resistance zone and returned to the previous range. The highest segment is between $58,800 and $60,000 and the lowest segment is between $54,000 and $55,000.

The pressure is likely to build and lead to an upside breakout as long as the bitcoin price remains in this range.

BTC/USD remains bullish on the daily chart.

1 Daily chart BTC/USDT. Source: TradingView

The daily chart of the BTC/USD shows a strong uptrend that has persisted for the past six months. This is confirmed by higher lows and higher highs. Since the recent low was formed at $42,000, any price above that level means the bull market is not in danger.

On the other hand, the RSI indicator shows a bearish divergence, although it is invalid. The bearish divergence becomes valid as soon as the previous resistance zones become resistance again, but especially as soon as the bitcoin price begins to fall to the lows.

That’s why the $50,000 area is critical, because it needs to become the new lower top area. But even if $50,000 is lost, a final support anchor can be found at $42,000 and at the 21-week MA.

As long as these regions remain stable, the upward trend should continue. This should bring the price of bitcoin to $68,000, as this is the next Fibonacci level.

Total crypto market capitalization $2 trillion

Graph of the total market capitalization of cryptocurrencies over 1 day. Source: TradingView

The daily chart of the total market capitalization of cryptocurrencies has a similar structure to the bitcoin price.

In this context, $1.5 trillion is the largest money supply in the world. The $11.5 billion in aid is essential. As long as this continues, it is very likely that we will reach the $2 trillion mark. The next Fibonacci level is between $2 trillion and $2.1 trillion, almost triple the previous record set in 2017.

Possible Scenario for Bitcoin

4 hour chart of BTC/USD. Source: TradingView

One possible scenario for the bitcoin price is another sideways move with a decline in BTC/USD. To do so, the market will need to retest the above support and resistance levels within the current range.

After these tests, the consolidation will end and a new wave of momentum can begin. In this context, the 60,000 threshold may act as a brake for a while. Hence the region’s new challenge with a $55,000 budget. As long as the $60,000 is used for sustainability, the $60,000 will remain.

Holds support at $55,000. $68,000 opens the door to $68,000 as the next round.

The views and opinions expressed herein are those of the author and do not necessarily represent those of Cointelegraph. Every investment and every stage of negotiations involves risk. You should do your own research before making a decision.

frequently asked questions

Will the price of bitcoin rise or fall after it is halved?

John Todaro, head of research at trading tool provider Tradeblock, said the price of bitcoin would nearly double after 2020, citing internal research.

Will bitcoin reset before it splits in two?

In theory, halving the price should have a positive effect on the price of bitcoin over the next four years. Less BTC is mined by miners, which means less BTC is traded on the market. But as we saw with the bitcoin halving in 2016, the bitcoin price tends to fall both before and after the halving.

Will bitcoin rise or fall in 2020?

Bloomberg Research 2020 Bitcoin Report Bloomberg Research recently released a new report on the future of bitcoin as an investment. According to a major media outlet and a financial organization, bitcoin is expected to reach $12,000 and $20,000 by the end of 2020.

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frequently asked questions

Will the price of bitcoin go up or down after halving?

John Todaro, head of research at trading tool provider Tradeblock, said the price of bitcoin would nearly double after 2020, citing internal research.

Will bitcoin reset before it splits in two?

In theory, the halving of the price will likely have a positive effect on the price of bitcoin over the next four years. Less BTC is mined by miners, which means less BTC is sold on the market. But as we saw with the bitcoin halving in 2016, the price of bitcoin tends to fall both before and after the halving.

Will bitcoin rise or fall in 2020?

Bloomberg Research 2020 Bitcoin Report Bloomberg Research recently released a new report on the future of bitcoin as an investment. According to a major media center and financial terminal, bitcoin is expected to reach $12,000 and $20,000 by the end of 2020.

bit coin price,how much are bitcoins worth,bitcoin projections,bitcoin stock price,Feedback,Privacy settings,How Search works

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