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Bitcoin (BTC) Price Prediction: BTC/USD Is Set for a Deeper Correction After Facing Rejection From $56,000 High

Bitcoin (BTC) Price Prediction – March 23, 2021
BTC price has been in a downward move after its rejection from the $60,000 psychological price level. Today, the king coin is resuming a fresh uptrend after falling to the previous low at $54,000. In the previous uptrend of March 14, Bitcoin was repelled at the $62,000 resistance zone as the crypto plunged to the same price level of $54,000 support.

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

BTC/USD – Daily Chart

BTC/USD price is gradually in a downward move after losing the $60,000 psychological price level and the $58,000 support. The king coin has fallen to the previous low at $54,000, if the bears break the $54,000 support, the selling pressure will resume. Bitcoin price is making a series of lower highs and lower lows. For instance, BTC price was rejected at a lower high of $60,000. It fell to a lower low of $56,000 and made another lower high of $58,000. From the $58,000 resistance, Bitcoin made another lower low of $53,000. Today, BTC price is making an upward move. The selling pressure will resume if BTC price rises and faces rejection at the $56,000 high. The cryptocurrency will fall and break the $53,000 support.

Okex Korea Crypto Exchange Is Shutting Down as South Korea Authorities Introduce Regulatory Framework
The South Korean branch of global cryptocurrency exchange OKEx has made its intention to close operation next month. According to OKEx : “Users will have to withdraw their Korean won and crypto holdings by April 7. After that date, the exchange will not be held liable for any losses arising from failure to withdrawal by the customer”.

OKEx Korea announcement comes after it suspended withdrawals on March 15 due to maintenance issues. Withdrawal applications were accepted on a daily basis until 6:00 p.m. local time on April 7. Requests for withdrawals are honored if they fell within a predetermined minimum amount. OKEx Korea gave no reason for its closure. In a similar development, the South Korean branch of the world’s largest crypto exchange, Binance, also closed its operation in early 2021. The reason from the company was the declining liquidity and low trading volumes of its major trading pairs.

BTC/USD – 4 Hour Chart

Bitcoin price is falling after rejection from the $56,000 high. The bears are attempting to break the $54,000 support. Meanwhile, On March 21 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that BTC is likely to fall to level 2.0 Fibonacci extension or the low of $50,677.60.

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