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Bitcoin (BTC) Price Prediction: BTC/USD Falls After Rejection From $60,000 Psychological Price Level

Bitcoin (BTC) Price Prediction – March 20, 2021
Today, BTC/USD price rises as it approaches the $60,000 psychological price level. Bitcoin price has turned down from the overhead resistance thrice. Presently, Bitcoin is facing another rejection from the recent high.

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

BTC/USD – Daily Chart

Bitcoin price has continued to show bullishness despite the resistance at $60,000 price level. After the rejection on March 18, the BTC price moves up to retest the resistance zone. Since March 17, Bitcoin has been consolidating near the resistance. This current development is a positive move for the price of Bitcoin. Consolidation near a resistance level increases the chances of a possible breakout. On the upside, if the $60,000 resistance is breached, the Bitcoin price will retest or break the next resistance at $61,000. In the same vein, if the bulls clear the $61,000 resistance, the market will rise above $70,000 high. Conversely, if buyers fail to break the resistance, sellers will break $54,000 support level. This will cause Bitcoin to decline to $48,000 low.

Bitcoin Is Now “Too Important To Ignore”, by Deutsche Bank
According to Deutsche Bank analysts, Bitcoin’s market capitalization has reached $1 trillion and potential for continued growth. The cryptocurrency is “too important to ignore,”. Deutsche Bank expects governments to start regulating Bitcoin by the end of 2021. Deutsche Bank analysts suggested that Bitcoin price “could continue to rise” further as long as asset managers and companies continue to enter the market. Reports have it that Central banks and government should understand that Bitcoin and other cryptocurrencies have come to stay.

BTC/USD – Daily Chart

Bitcoin price is expected to break the $60,000 psychological price level. Despite the continuous rejection, BTC price has remained bullish. On March 13 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Bitcoin will rise to level 1.618 Fibonacci extensions or the high of $70,831.70.

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      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.

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