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Bitcoin (BTC) Price Prediction: BTC/USD Makes Positive Moves but Struggles To Sustain Above $57,000 Resistance

Bitcoin (BTC) Price Prediction – March 28, 2021
Since March 25, the crypto has been rising after the BTC/USD price plunged to $50,350 low. Bitcoin price is rising and approaching the $57,000 resistance zone. Buyers are attempting to retest the resistance level. On March 24, the bulls retested the $57,000 resistance zone and the BTC price dropped to $50,350 low. Today, the price action of March 24 is likely to be repeated or a breakout will ensue.

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

BTC/USD – Daily Chart

Bitcoin bulls are making their second attempt to break the $57,000 resistance level. The bullish scenario is that if buyers break the $57,000 resistance; Bitcoin will regain the $58,000 crucial support level. At this support level, Bitcoin will resume upside momentum to retest the $60, 000 psychological price level. A breakout above the $60,000 high will propel Bitcoin to rally above the $70,000 price level. Conversely, if buyers fail to break the $57,000 resistance, the March 24 price action will be repeated. The market will decline to $50,000 support level. However, Bitcoin will fall into a deeper correction if it loses the $50,000 support level. Presently, BTC/USD is facing resistance at the $57,000 resistance zone. BTC price has risen to $56,085.0 at the time of writing.

Governments Are Looking To Buy Bitcoin, NYDIG CEO Confirms
Robert Gutmann is the CEO of New York Digital Investment Group (NYDIG). He said the firm has been having discussions with sovereign wealth funds about possible Bitcoin investment. Besides, State-owned investment funds are purportedly making inquiries into buying Bitcoin NYDIG CEO Confirms investors are re-assessing their portfolios, adding: “If you look at the world today on a forward basis, it is reasonable to be asking yourself as an investment committee or as an allocation committee [if] having all of [their] assets denominated in dollars against dollar-denominated liabilities is the right allocation mix.”

BTC/USD – Daily Chart

Bitcoin price has again reached the $57,000 resistance. The king coin appears to retrace as it faces rejection. It is unclear the extent of the retracement. On March 13 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that BTC price is likely to rise to level 1.618 Fibonacci extension or the high of $70,759.20. The current analysis is dependent upon the bulls breaking the $60,000 psychological price level.

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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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