Bitcoin Price Prediction: BTC/USD Breaks Resistance to Reclaim $57,000

Bitcoin (BTC) Price Prediction – March 5

BTC/USD is up by more than 6.94% after a sudden and bullish price spike.

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

Key levels:

Resistance Levels: $62,000, $64,000, $66,000

Support Levels: $48,000, $46,000, $44,000

BTCUSD – Daily Chart

The daily chart reveals that BTC/USD has pushed above the crucial resistance level of $56,500. The coin is moving towards $57,000 to trade at $56,914 at the time of writing.

Bitcoin is exhibiting strong bullish momentum after what could be a sustainable break above an important technical level.

Meanwhile, BTC/USD has gained more than 6% since the beginning of the day – it is currently using support at $53,000 as a foundation to develop further upside momentum. There are signs of this upside move now gaining traction.

Bitcoin price prediction – BTC back above $60,000?

With the number one coin holding above its moving averages, the return below $57,000 could set the framework for gains towards $60,000.

Meanwhile, the technical analysis shows that the bulls are ready for action, especially when the up-trending RSI (14) is considered. Therefore, any further bullish movement towards the upper boundary of the channel could pave the way for gains above $58,500, before reaching the resistance levels of $62,000, $64,000, and 66,000.

Looking at the downside, if the price falls back below the $55,000 level and moves to cross below the lower boundary of the channel, the bears could take control over the situation very quickly. This may serve as a major blow to market sentiment, as traders could interpret it as a sign of underlying weakness. The next critical support is likely at $52,000, probably followed by $48,000, $46,000, and $44,000 support levels.

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

The 4-hour chart shows the price failing to stay above the moving averages – a sign of market weakness. However, the intraday trading is looking bullish; following the recent rebound at $53,000, which is the key support level. If bitcoin trades below the moving averages, it could test the next key support level at $55,000.

BTCUSD – 4 Hour Chart

But against the backdrop of the recent sharp rebound, the bitcoin price may re-commence the bullish rally to challenge resistance at $57,000. A climb above that level may encourage bulls to target a breach of the next significant resistance level at $59,000.

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.