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

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

Conclusion
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.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.