Bitcoin (BTC) Price Prediction: BTC/USD Is Stuck Below the $52,000 Resistance as Bulls Fail to Break Resistance

Bitcoin (BTC) Price Prediction – March 8, 2021
Buyers have consistently pushed BTC/USD price to the $52,000 resistance. This is an attempt to break the resistance level. If the bulls break the $52,000 resistance level, the BTC price will rally to $58,000 high. Unfortunately, the bulls are yet to break the recent high. Bitcoin price is presently retracing from the $52,000 resistance.

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

BTC/USD – Daily Chart

The king coin is presently stuck between the $48,000 and $52,000 price level. In early March, Buyers have been making concerted efforts to push Bitcoin price to the previous highs. On March 1, the bulls broke the $50,000 psychological price level but the price made a pullback to the $48,000 support. This propels Bitcoin to rally to the $52,000 resistance. The bull could not sustain the bullish momentum above the $52,000 high because of intense selling pressure. Today, Bitcoin is facing another rejection at the $52,000 resistance as bulls fail to break the recent high. A breakout above the $52,000 will push the BTC price to $58,000 high. Presently, the BTC is falling as the market resumed a range-bound movement.

No Blanket Crypto Ban in India, By Nirmala Sitharaman
There has been no blanket ban on cryptocurrency, says finance minister, Nirmala Sitharaman. The minister indicated that report of a blanket ban on cryptocurrencies was overstated. According to the minister, she said: “Yes, a lot of negotiations, discussions are happening, with Reserve Bank,” said Sitharaman. “The Reserve Bank will be taking a quorum on how, what kind of unofficial currency, cryptocurrency will have to be planned, and how it has to be regulated. But also, we want to make sure that there’s a window available for all kinds of experiments which will have to take place in the crypto world.”. She maintains that : “The world is moving fast with technology. We can’t pretend that we don’t want it. […] I can only give you this clue: that we are not closing our minds, we are certainly looking at ways in which experimentations can happen in the digital world, in cryptocurrency, and so on.”

BTC/USD – 4 Hour Chart

Bitcoin price has retested the $52,000 resistance thrice after the February 23 breakdown. The Fibonacci tool has remained the same as the market continues its range-bound movement. On March 2 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that Bitcoin will rise but reverse at level 1.272 Fibonacci extensions or the high of $51,896.60. From the price action, the market has reversed twice because of the intense selling pressure.

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.