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Bitcoin Price Prediction: BTC/USD Resumes Higher; $60,000 Resistance May Play Out

Bitcoin (BTC) Price Prediction – March 29

Bitcoin is on the brink of breaking towards the $60,000 following a momentous rally that has seen it rise to $58,000.

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

Key levels:

Resistance Levels: $63,000, $65,000, $67,000

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

BTCUSD – Daily Chart

According to the daily chart, BTC/USD breaches $58,000 as the coin trades above the 9-day and 21-day moving averages. The Bitcoin price is likely to revisit the $60,00 distance of forming another new all-time high above the previous high of $61,788, which is quite remarkable.

What to Expect from Bitcoin

After several days of being traded below the moving averages, Bitcoin has been able to clearly break above $57,000 and reach a price per coin of $58,400. The main question is whether it will be able to surpass $58,000 where it may usually find large resistance. Meanwhile, traders are now waiting for a continuation of the bull trend that would help Bitcoin reach new highs.

Moreover, for Bitcoin to would have reached $58,000, this could be the beginning of a new bull run in the crypto space. Meanwhile, as the technical indicator RSI (14) is soaring towards the 60-level, BTC/USD may soon hit the potential resistance levels at $63,000, $65,000, and $67,000 while sliding below the lower boundary of the channel could drag the price to the critical support levels of $51,000, $49,000, and $47,000 respectively.

BTC/USD Medium-term Trend: Bullish (4H Chart)

On the 4-hour chart, BTC/USD is currently trading around $57,363 above the 9-day and 21-day moving averages after a reversal from $54,900 where the market touched today as the price is now moving towards the north.

BTCUSD – 4 Hour Chart

However, if buyers could strengthen the market, they can further push the price above the channel which could allow the market price to test the $60,000 and above. Meanwhile, the technical indicator RSI (14) is making an attempt to cross below 60-level, but any further movement to the south may drag the price to the support level of $55,000 and below.

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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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