Bitcoin Price Prediction: BTC resumes ultimate liftoff to $62,000 as Visa support cryptocurrency transaction

29 Mar, 2021 Updated 29 Mar, 2021

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Bitcoin nurtures an uptrend to $62,000 as investors respond to Visa’s groundbreaking news.
BTC is in the hands of the bulls based on the MACD on the 4-hour chart.

Bitcoin is exchanging hands slightly above $58,000 in the wake of a key technical breakout. Price action has been consistently bullish since Visa Inc. announced that it would start accepting cryptocurrency transactions on its platform.

According to Visa, demand for cryptocurrency transactions has been growing and it was time to make a move. Initially, USDC will be used, allowing users to spend digital assets without converting to fiat.

Bitcoin pushed the uptrend further following the announcement made on Monday. Besides stepping above the 50 Simple Moving Average (SMA) resistance on the 4-hour chart, BTC lifted past the descending parallel channel’s upper trendline. Additionally, the ongoing liftoff was validated by a break above the 100 SMA.

Meanwhile, the Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart suggests the bellwether cryptocurrency is in the bulls’ hands. The bullish outlook has been reinforced by the MACD line (blue) crossing above the signal line. The indicator has also returned into the positive region, adding credence to the narrative.

BTC/USD 4-hour chart

It is essential to realize that establishing support above $58,000 will ensure market stability. Similarly, buyers will be encouraged to increase positions on the digital asset, speculating $60,000. Moreover, a break above $60,000 would trigger massive buy orders as BTC rolls to $62,000 and other higher price levels.

It is worth mentioning that the bullish outlook will be invalidated if Bitcoin closes the day under $58,000. This will increase overhead pressure on the 100 SMA support, while massive losses will be triggered if the price slices through this anchor zone. BTC could revisit the support between $50,000 and $52,250.

Bitcoin intraday levels

Spot rate: $58,050

Trend: Bullish

Volatility: Growing

Support: 100 SMA and 50 SMA on the 4-hour chart

Resistance: $60,000 and $62,000

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.