On 3rd April, the price of Bitcoin and other cryptocurrencies fell drastically. It was trading at $59k at the time and retracted to $56k in just a few hours. And since then, the price has recovered, but it has been difficult for the curreny to claim back the $58k support level. Though bulls are in control, that breakthrough of the $58k and subsequently $60k price point seems very difficult. In the past few months, this has been one of the biggest price resistance of Bitcoin. And it has fallen back significantly each time from this price.
Bitcoin support and resistance!
The price of Bitcoin has been fluctuating between the $57k and $60k price points for quite some time now. The bullish force is not strong enough to push the prices. At the same time, the bears aren’t able to bring down the prices. Analysis suggests that if Bitcoin’s price can take support of the $58k price point, then we can see an upside momentum to $60k. And the breaking through that price will depend on the bullish momentum at the time. But it’s sure that Bitcoin fluctuations have decreased amidst strong concordance between the buy and sell force. The Fibonacci extension suggests that the price of Bitcoin could probably be able to retest the $60k price and, if broke, will move towards the 70k price levels.
What’s needed?
Even after a lot of investments in Bitcoin, a strong buying force that pushes Bitcoin to new highs is lacking. We know it will come, but when? No one knows. what’s needed is a big change or investment from a company that can be groundbreaking for Bitcoin’s future. I am talking about the kind of investment that Tesla made and pushed the price of Bitcoin to a new all-time high in under an hour. Something like that, when Bitcoin is trading at the $58k-$60k price level, could help it break the very strong resistance at the price.
If that doesn’t happen, the breakthrough will be a lot more gradual. As more companies and banks buy into BTC, the demand is very high, and supply at exchanges is at an all-time low. This is a clear fundamental for the price increase of Bitcoin.
Do you think that Bitcoin will be able to break through the $60k price point in April? And will you be a part of the rally? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.
Also Read: Real Estate firm Caruso now accepts Bitcoin payment as rent
