Bitcoin (BTC) Price Prediction: BTC/USD Breaks the $58,000 Overhead Resistance as the Market Reaches Above $61,000

Bitcoin (BTC) Price Prediction – March 13, 2021
Today, the bulls have broken the $58,000 overhead resistance as price rallied above the next psychological price level. Yesterday, the price retested the $58,000 overhead resistance but could not break it. Rather, the price continues to retest and trade below it. Today, BTC rebounded above $57,500 support to break the overhead resistance. The price is hovering above $60,000.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Bitcoin bulls have broken the $58,000 overhead resistance after retesting it thrice. The BTC/USD is now trading above $61,000. Price indicators have indicated an initial target of $61,540. Analysts believe that Bitcoin has enough room to rally haven crossed the $60,000 psychological price level. It is now customary for Bitcoin price to have occasional drawdowns after reaching a new high. For instance, the BTC price reached a high of $58,000 on February 21. After a downward correction for two weeks, the bulls retested the overhead resistance on March 11. Today, the $58,000 high has been broken as the market reaches a new high. We expect Bitcoin to reach the target price of $61,540.40.

Bitcoin (BTC) Indicator Reading
Bitcoin is above the 80% range of the daily stochastic. The BTC price is rising despite the fact the market has reached the overbought region of the market. In a trending market, an overbought may not hold. The daily Relative Strength Index period 14 is at level 76 of Bitcoin. It indicates that the coin has not gotten enough room to rally on the upside.

BTC/USD – 4 Hour Chart

Bitcoin bulls have finally broken the $58,000 overhead resistance. Bitcoin is likely to resume upside momentum. On March 10 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 2.0 Fibonacci extensions or the high of $61,571.20. Presently, the market has risen to $61,410 at the time of writing.

Remember, all trading carries risk. Past performance is no guarantee of future results.

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.