March 30, 2021 / Analytics

Bitcoin Price Analysis: BTC Is On The Verge Of A New Bull Run

btc forecast

Bitcoin (BTC) cryptocurrency rate is being adjusted after the pump. If the bulls do not break the support barrier around $ 57,000, then the coin will drop in price to $ 52,000 by April 6.

Key Points

  • BTC price hovers above the 100 hour moving average ($ 56,420).
  • A bearish trend line has formed with resistance around $ 58,500 on the hourly chart.
  • The downtrend will accelerate after sellers break the $ 57,000 barrier.

Traders dumped BTC to close the gaps on the CME exchange at the beginning of the previous two weeks (March 15 and 22). However, an upward trend emerged in the BTC market this Monday, and the gap continued. Therefore, traders can start sell coins to eliminate it.

btc chart

On March 29, as a result of a powerful upward impulse, the asset price increased by 6%, overcame the resistance at $ 57,000, and consolidated above this mark. Nevertheless, the virtual currency market reached an overbought zone and the Market Cipher indicator gave a sell signal on the 4-hour chart.

btc chart

The dynamics of changes in the BTC rate went beyond the contracting triangle. As a result, the $ 57,000 resistance zone became a support barrier. If Bitcoin price falls below this indicator, this will provoke a downward movement to the lower line of the triangle, which now passes in the area of ​​$ 52,000. Otherwise, we should expect a further increase in the value of the coin.

Bitcoin Is On The Verge Of A New Bull Run

BTC rate fell by 18% against a record high of $ 61,784 on March 25. However, traders continued to actively buy Bitcoin. According to CryptoQuant, 17,040 BTC worth $ 887 million were withdrawn from the Coinbase Pro, Gemini, and Binance trading platforms on March 26. This fact suggests that investors not only do not get rid of coins, but also increase their cryptocurrency reserves.

bitcoin chart

Since December 2020, the withdrawal of large amounts of Bitcoin from Coinbase Pro has signaled an upcoming pump. In particular, on February 24, traders transferred over 13,000 coins, after which the price of BTC increased by 16%. Taking this factor into account, we can confidently make a forecast for an increase in the value of BTC in the medium term. However, the market remains highly likely to correct up to $ 52,000 before a new round of the bullish trend.

Technical indicators:

  • 4 hours MACD is in the bullish trend zone.
  • 4 hours RSI is above 60 (in the neutral zone).
  • Major Support Level – $ 52,000.
  • Major Resistance Level – $ 60,000.
  • The nearest pivot points are $ 57,965 and $ 59,381.
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