Bitcoin (BTC) Price Analysis:BTC Price Retraces, Slumps Below the Psychological Price Level, May Resume Upward Move

14 March 2021 | Updated: 14 March 2021

Key Highlights
Bitcoin rallied to $61,693 high
The king coin is now consolidating above $60,000 support

Bitcoin (BTC) Current Statistics
The current price: $59,762.93
Market Capitalization: $1,255,380,332,083
Trading Volume: $48,920,232,234
Major supply zones: $60,000 $62,000, $64,000
Major demand zones: $40,000 $38,000 $36,000

Bitcoin (BTC) Price Analysis March 14, 2021
Yesterday, the BTC price broke the $58,000 high as the market reached a high of $61,693. Presently, the price has retraced to the support above the psychological price level. Since the price indicators are signaling that BTC price is in the overbought region, the upward move is doubtful. The uptrend will resume if price finds support above the $60,000 support. However, if price breaks below the $60,000 support the market will retrace to $58,000 support.

BTC/USD – Daily Chart

BTC Technical Indicators Reading
BTC price is at level 72 of the Relative Strength Index period 14. Bitcoin is likely to retrace as there is no room to rally on the upside. The crypto’s price is above the 80% range of the daily stochastic. The stochastic bands are sloping horizontally in the overbought region.

BTC/USD – Daily Chart

Conclusion
BTC price is retracing after the price reached the overbought region. Meanwhile, the Fibonacci tool has indicated an upward movement of the coin. On February 21 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that BTC price is likely to reach level 1.618 Fibonacci extension level or the high of $75,742.00.

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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.