Bitcoin Price Prediction: BTC poised for breakout to $65,000

By John Isige
Published March 19, 2021 Updated March 19, 2021
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Bitcoin Price Prediction: BTC poised for breakout to $65,000

By John Isige
Published March 19, 2021 Updated March 19, 2021
  • Bitcoin bounces off support at the 50 SMA as bulls clear the path toward $65,000.
  • Massive buy orders will likely be triggered as soon as Bitcoin breaks above $60,000.

Bitcoin has embraced higher support despite the seller congestion at $60,000. Declines have been halted at $56,000, leaving the major support at $54,000 untouched. At the time of writing, BTC is trading slightly under $58,000 amid a renewed bullish momentum.

The immediate downside has been protected by the 50 Simple Moving Average (SMA) on the 4-hour chart. Simultaneously, the move northward seems to have been capped by the seller congestion between $59,000 and $60,000.

Similarly, the Relative Strength Index reinforces the bullish outlook as it bounces off the midline toward the overbought. As long as this indicator has a positive gradient, Bitcoin’s uptrend will remain intact.

Note that speculation is likely to surge in case Bitcoin breaks above $60,000. The breakout last weekend lost steam slightly under $62,000. However, cryptocurrency enthusiasts and investors predict that Bitcoin will soon hit highs above $65,000 and close it on $70,000.

BTC/USD 4-hour chart

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

It is worth mentioning that a reversal would come into the picture if the 50 SMA support on the 4-hour chart caves. The bellwether cryptocurrency is bound to fall to the next tentative support at $56,000. If push comes to shove and the overhead pressure surges due to massive sell orders being triggered, we can expect BTC to fall toward $52,000 (support highlighted by the 200 SMA).

Bitcoin intraday levels

Spot rate: $58,150

Relative change: 525

Percentage change: 0.9%

Trend; bullish

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
1164 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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