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Bitcoin Price Prediction: BTC/USD Falls Short of New All-Time High; Price Hovers at $56,652

Bitcoin (BTC) Price Prediction – March 12

After touching the daily high of $58,065, the Bitcoin price begins a downside correction after rallying to a new lifetime high of $58,065.

BTC/USD Long-term Trend: Bullish (Daily Chart)

Key levels:

Resistance Levels: $65,000, $67,000, $69,000

Support Levels: $51,000, $49,000, $47,000

BTCUSD – Daily Chart

BTC/USD is seen slipping below the $58,000 level as buying pressure cooled off. The market price even traded below $57,000 and formed a low at near $56,500 before stabilizing. At the time of writing, BTCUSD is remains trading above the 9-day and 21-day moving averages but it is down by 2% at its price of $56,652.

What is the Next Direction for Bitcoin?

BTC/USD is presently testing lower levels for the past few hours. A decisive breakout below $55,000 support may intensify selling pressure. Therefore, if bears push the market price downwards, the consolidation may turn into a bear-run. More so, the sideways movement is likely to play out for the next few days and the next hurdle for the king coin could emerge at $58,000, but it won’t stop the higher price movements.

However, bulls need massive liquidity and volume to cross the $58,000 highs and make a dash to the $60,000 level. The technical indicator RSI (14) is seen moving below the 70-level as the sharp downward slope is a clear indication of the influence which may allow bears to increase the pressure.

Nevertheless, a reversal is possible but only if the resistance at $58,000 is reclaimed. The persistence trade above this level may technically push the coin to the resistance levels of $65,000, $67,000, and $69,000 while the supports lie at $51,000, $49,000, and $47,000.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

Looking at the 4-Hour chart, Bitcoin (BTC) has not yet slipped below the 9-day and 21-day moving averages and the coin is still in the loop of making a bounce back. The Bitcoin price could hover within the 9-day and 21-day moving averages and may likely take time to trade above the $58,000. At the moment, the Bitcoin price is currently moving around the $56,415 level.

BTCUSD – 4 Hour Chart

However, if bulls put more effort, the market price may likely hit the resistance levels of $60,000 and above. On the other hand, if bears should continue to hold the price and drag it downward, then the support levels of $53,000 and below may be re-visited again as the RSI (14) is likely to move below 60-level, indicating a possible bearish movement.

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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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