The worth of Bitcoin (BTC) has risen and crossed the psychological threshold of $60,000. On March 1, 2024, BTC mark faced corrections at $62,000
Prolonged-length of time forecast for the Bitcoin mark: bullish
The biggest cryptocurrency reached a high of $63,905 on Wednesday, February 28, as Coinidol.com reported before. The cryptocurrency is for the time being experiencing a minor setback because it falls below the high of $52,500.
Bitcoin has shaped yet every other fluctuate since reaching its final high. The cryptocurrency is shopping and selling above the pork up stage of $60,000 but below the high of $52,500. If the bulls crash the $52,500 stage to the upside, the market will attain a high of $67,600. On the downside, if the bears crash the $60,000 pork up stage, selling stress will web again and Bitcoin will tumble to a low of $52,000.
Bitcoin indicator readings
The 21-day SMA and 50-day SMA are restful sloping north, indicating an uptrend. After the recent rally, the BTC mark stabilised above the $50,000 pork up before rising above the 21-day SMA. On the different hand, must the bears crash the 21-day SMA, the cryptocurrency would tumble.
Technical indicators:
Key resistance levels – $55,000 and $60,000
Key pork up levels – $forty five,000 and $40,000
What is the next direction for BTC/USD?
Bitcoin is shopping and selling below its recent high after reaching resistance at $64,000. On the 4-hour chart, the market has fallen above the $61,000 pork up stage. The worth of the cryptocurrency will proceed to upward thrust if it stays above the transferring moderate lines.
Disclaimer. This prognosis and forecast are the deepest opinions of the creator and are no longer a tenet to aquire or sell cryptocurrency and can merely no longer be considered as an endorsement by CoinIdol.com. Readers must carry out their study before investing in funds.
