Bitcoin (BTC) crosses below $ 60,000 today, March 14, 2021. The bulls still manage to maintain this symbolic level. The outcome of the current test will allow us to better appreciate the solidity or not of the increase above the 60,000 USD.
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60,000 USD: after the conquest, it’s time for the test
Bitcoin climbed to $ 61,800 yesterday, March 13, 2021. The BTC dipped to $ 59,530 today, before rebounding above $ 60,000.
Bitcoin is trading at $ 60,170 at the time of writing. It is currently recording a slight daily loss of 0.16%.
Today’s drop below $ 60,000 can be interpreted as a logical correction following yesterday’s sharp rise.
The $ 59,500 appears to be strong support in the short term. The bulls must now push the price of BTC even higher to ensure continuity of the current rise in the coming days.
For some analysts, the $ 57,500 is a key level to defend, so that the rise can continue in the long term. Subscribe for freeJoin our community of Bitcoin and cryptocurrency enthusiastsemail * Validate
Crash or golden opportunity
The daily RSI (14) currently stands at 69. Technically, bulls may still reach new highs before markets saturate in this bull run environment.
The 5-day moving average is currently approaching $ 58,500. The rise above $ 60,000 appears to be solid, but the possibility of a major correction that could shake $ 50,000 still cannot be ruled out.
The bulls must count either on the support of institutions, or on the positive effects of the current euphoria of the markets, or on a devaluation of the dollar.
A little over a year ago, on March 12, 2020, the BTC fell below $ 4,000 during the Black Thursday.
The bitcoiners who understood the golden opportunity offered by this crash, and who continue to HODler their BTC to date, currently register a gain of more than 1,400%.
The 3rd week of March 2021 could see BTC above $ 65,000, or drop again to $ 50,000. Bitcoin has largely proven its resilience by recovering from its crash on its Black Thursday, reaching $ 60,000 today. In the short term, traders logically fear a correction. In the long run, investors can trust a Bitcoin that has always recovered quickly from hard knocks, picking up and shining much more afterwards.
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The comments and opinions expressed in this article are those of the author alone, and should not be considered as investment advice. Do your own research before making any investment decisions.