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Bitcoin Continues Its Rally And Reaches A High Of $63,000

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Bitcoin Continues Its Rally And Reaches A High Of $63,000

The price of Bitcoin (BTC) has risen and crossed the psychological threshold of $60,000. On March 1, 2024, BTC price faced corrections at $62,000

Long-term forecast for the Bitcoin price: bullish

The largest cryptocurrency reached a high of $63,905 on Wednesday, February 28, as reported before. The cryptocurrency is currently experiencing a minor setback as it falls below the high of $52,500.

Bitcoin has formed another range since reaching its last high. The cryptocurrency is trading above the support level of $60,000 but below the high of $52,500. If the bulls break the $52,500 level to the upside, the market will reach a high of $67,600. On the downside, if the bears break the $60,000 support level, selling pressure will pick up again and Bitcoin will fall to a low of $52,000.

Bitcoin indicator readings

The 21-day SMA and 50-day SMA are still sloping north, indicating an uptrend. After the recent rally, the BTC price stabilised above the $50,000 support before rising above the 21-day SMA. However, should the bears break the 21-day SMA, the cryptocurrency would fall.

Technical indicators:

Key resistance levels – $55,000 and $60,000

Key support levels – $45,000 and $40,000

Bitcoin Continues Its Rally And Reaches A High Of $63,000

What is the next direction for BTC/USD?

Bitcoin is trading below its recent high after reaching resistance at $64,000. On the 4-hour chart, the market has fallen above the $61,000 support level. The price of the cryptocurrency will continue to rise if it stays above the moving average lines.

Bitcoin Continues Its Rally And Reaches A High Of $63,000

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Readers should do their research before investing in funds.