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Bitcoin (BTC) Price Prediction: BTC/USD Risks Fresh Decline if It Fails To Jump Over the Hurdles at $57,000 and $58,000

Bitcoin (BTC) Price Prediction – March 16, 2021
Today, BTC/USD price retraced to $54,000 low and resumed upward. The brief uptrend was interrupted at the $57,000 resistance zone. In early March, the resistances at $57,000 and $58,000 were the major resistance to break before the price rise to the $60,000 psychological price level. A break above these levels will catapult the coin above the $60,000 high.

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

BTC/USD – Daily Chart

From every indication, the bullish scenario will have to be repeated for the resumption of the uptrend. As the bears pushed the BTC price to $54,000 low, the bulls have an uphill task to sustain the bullish momentum above the $58,000 high. Once the BTC price is above the $58,000 high, a rally to $60,000 is likely. As soon as Bitcoin recovers the psychological price level, the next target price will be the $75,000 price level. However, if the bulls fail to sustain above the $58,000 high, it indicates that sellers are defending the higher price levels. Also, it means that Bitcoin will continue the downward correction. Meanwhile, BTC is trading at $55,991 at the time of writing.

Bitcoin Is Now Worth More Than Visa and MasterCard Combined
Bitcoin (BTC) is worth more than the world’s three biggest banks combined by market capitalization, data confirms. Bitcoin’s market capitalization was roughly $1.15 trillion. The combined market cap of JPMorgan Chase, Bank of America, and the Industrial and Commercial Bank of China is $1.08 trillion. The biggest payment networks Visa and Mastercard, have a combined market cap of $871 billion, which is less than Bitcoin. Its ascent, others have noted, is impressive, Bitcoin went from zero to $1 trillion in network value 3.6 times faster than Microsoft.

BTC/USD – Weekly Chart

Bitcoin price has fallen below $60.000 but there are indications of a fresh upward move. On February 21 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 $75,732.30.

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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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