Bitcoin (BTC) price failed to rise above its all-time high of $ 60,000 during the week. While trading around $ 58,000, the process of general macroeconomic weakness and the recovery of the US dollar seem to have stopped the rally.
Bitcoin, which declined to $ 53,000 on March 16, started to be traded around $ 58,500 as this news was prepared. Supporting Cointelegraph with his comments, Michael van de Poppe, a full-time trader on the Amsterdam stock exchange, said it was natural for the bull market to fluctuate.
He stated that the market will find a new balance between buyers and sellers, and then decide which direction to move. Noting that the bitcoin price rose from $ 11,000 to $ 60,000 in just six months, the analyst said there was a very strong upward trend.
Bitcoin failed to break $ 60,000
4-hour chart of the BTC / USD pair. Source: TradingView
On the 4-hour chart, support seen around $ 54,000 is key. Not breaking this zone will keep the upward movement alive.
If the upward movement continues, resistance between $ 59 and $ 60k will be strong. Breaking that resistance could start the next rally towards $ 68,000.
As long as Bitcoin’s price remains within this range, we’ll likely see an upward breakout.
BTC / USD rises in daily timeframe
Daily chart of the BTC / USDT pair. Source: TradingView
The daily chart of the BTC / USD pair has been showing a strong uptrend for six months. In this process, higher troughs and peaks were formed. The lowest level in the last period is observed at $ 42,000. As long as it remains above this level, it will become clear that the bull market is not in danger.
On the other hand, it is noteworthy that the relative strength index (RSI) is still in a downward trend. Therefore, the importance of defending the $ 50,000 zone is growing day by day. If $ 50,000 is lost, the last strong support will be sought at $ 42,000 where the 21-week moving average (MA) is calculated.
As long as these regions are defended, the uptrend will continue. If the uptrend continues, the next level is at $ 68,000, according to the Fibonacci expansion tool.
The $ 60,000 zone will act as strong resistance for a while. Therefore, every unsuccessful move at $ 60,000 will bring up the $ 55,000 test.
As long as the $ 55,000 support remains intact, the next target will be $ 68,000.
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