Bitcoin has been having a tough time crossing the $60k resistance level. After it made the all-time-high crossing $61k, there was a sharp fall to $54k, and it has recovered since then. It slowly went to $60k on 18th March but fell back again after a strong rejection at a price. Again, on 20th March, Bitcoin was unable to sustain the $60k price level and fell back to $57k. Now analysis suggests that if Bitcoin breaks below the $57k price point, there could be a solid down movement, and it could even crash to $40k.
Not all signs regarding the price of the cryptocurrency are negative, but yes, there is a lot of data showing a tough time ahead for Bitcoin. Presently, Bitcoin is very slightly above the $57k mark and even went below that for a while, making a low at $56,776.
Bitcoin could crash!
On 20th March, the price of Bitcoin was unable to sustain above the $60k price point. Very quickly, Bitcoin broke through the $59,200 and $58,500 support levels. Even though the price of BTC is above the simple moving average of 4 hours, there is a clear downtrend visible here. Whenever the price of Bitcoin is approaching $60k, a bearish rally is seen. Now the price is at $57k, and if it breaks below that, then a quick movement to $55k could be expected.
We do hope that it sustains above that, but if Bitcoin is unable to sustain above $55K, then $53k and even below that is on the radar. Many analysts also say that the kind of resistance it is facing at the $60k level could make Bitcoin test $40k again.
An uptrend is likely but difficult!
With increasing interest in Bitcoin and more investors buying in every month, it is obvious that the uptrend is coming. But for sure, it is going to be difficult. It is clearly seen that a strong resistance is present at the $60k price point. If Bitcoin is able to rise above that, then $62k is on the radar, and we could see an all-time-high. Both MACD and RSI are struggling to show any bullish momentum in the movement of Bitcoin. And if bulls don’t take over soon, Bitcoin could crash badly.
Do you think that Bitcoin will be able to sustain over the $57k price level, or could it crash below? 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: Bitcoin is ‘Volatile’ and ‘Impractical’ says Bank of America.