Bitcoin Price Prediction: BTC closes the gap to $60,000 as correction lingers

By John Isige
Published March 18, 2021 Updated March 18, 2021
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Bitcoin Price Prediction: BTC closes the gap to $60,000 as correction lingers

By John Isige
Published March 18, 2021 Updated March 18, 2021
  • Bitcoin breaks out of a falling wedge but runs out of steam before tackling $60,000.
  • A death cross pattern on the 4-hour chart hints at increasing selling pressure in the near-term.

Bitcoin embraced support at $54,500 during the recent dive under $60,000. Improving short-term technical levels have led to a formidable recovery, with Bitcoin moving closer to $60,000. At the time of writing, BTC is doddering slightly under $59,000 amid the struggle to extend the bullish leg above $60,000.

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The upswing toward $60,000 came as a result of the formation of a rising wedge. This pattern is bullish and forms amid an uptrend. As the asset ascends to higher levels, it hits a barrier, culminating in declines due to the exhausted bullish front. However, the correction does not stretch all the way down but allows bulls to secure higher support.

A minor consolidation takes place, but a bullish comeback leads to a breakout above the pattern. Meanwhile, the trajectory to $60,000 and the all-time high seems to have stalled. The Relative Strength Index (RSI) on the 4-hour chart reveals that Bitcoin hit overbought conditions.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

If support at $58,000 fails to hold, the bellwether cryptocurrency may fall toward the recent support at $54,500. A death cross pattern on the same 4-hour chart may cement the bears’ influence in the market.

A golden cross pattern occurs when a long-term moving average crosses above a short-term moving average. For instance, the 200 Simple Moving Average (SMA) is currently crossing above the 50 SMA on the 4-hour chart. The pattern shows that Bitcoin is not out of the woods, and recovery to a new all-time high will not come easy.

Bitcoin intraday levels

Spot rate: $58,730

Relative change: -192

Percentage change: -0.3%

Trend: Bearish

Volatility: Low

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1115 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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