Bitcoin (BTC) Price Analysis:BTC Price Fluctuates Between $55,000 and $60,000, Uptrend Likely


Key Highlights
Bitcoin retraced to $54,000 support level
The king coin is fluctuating between $55,000 and $60,000

Bitcoin (BTC) Current Statistics
The current price: $55,403.68
Market Capitalization:  $1,162,515,939,065
Trading Volume: $58,477,329,032
Major supply zones: $60,000, $62,000, $64,000
Major demand zones: $50,000, $48,000, $46,000

Bitcoin (BTC) Price Analysis March 16, 2021
Bitcoin price is retracing after rejection from the $62,000 resistance zone. Today, the price has fallen to the support at $54,000. The upward move is facing resistance at $56,000 high. Bitcoin will further decline to $50,000 low if the bears break the current support. On the upside, the bulls will battle the resistances at $58,000 and $62,000 .

BTC/USD – Daily Chart

Bitcoin (BTC) Technical Indicators Reading
BTC price is at level 56 of the Relative Strength Index period. It indicates that price has enough room to rally on the upside. The king coin is above the 80% range of the daily stochastic. The stochastic bands are fluctuating above the 80% range. Bitcoin is still trading in the overbought region. In a trending market, the overbought conditions may not hold.

BTC/USD – Weekly Chart

Bitcoin price is fluctuating above the $55,000 price level. If the bulls break the $60000 high and the bullish momentum is sustained, Bitcoin will rally to $75,000. On a weekly chart, a retraced candle body tested the 61.8% Fibonacci retracement level. This retracement implies that BTC will rise to level 1.618 Fibonacci extensions or a high of $75,732.30.

You can purchase crypto coins here: Buy Coins

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.