{"id":806,"date":"2021-03-30T11:33:36","date_gmt":"2021-03-30T15:33:36","guid":{"rendered":"https:\/\/www.hodlin.com\/blog\/?p=806"},"modified":"2021-03-30T11:34:33","modified_gmt":"2021-03-30T15:34:33","slug":"btc-price-reverses-upward-bitcoin-technical-analysis","status":"publish","type":"post","link":"https:\/\/www.hodlin.com\/blog\/btc-price-reverses-upward-bitcoin-technical-analysis","title":{"rendered":"Bitcoin Reverses from $50k, Is BTC Price Ready for $93k?"},"content":{"rendered":"\n

The Bitcoin price remains wavy, oscillating within a $7k range with caps at $50k and $57k.<\/strong><\/p>\n\n\n\n

\"Bitcoin
Bitcoin Reverses From 50k \/ March 30 Price Analysis<\/figcaption><\/figure>\n\n\n\n

As of writing on March 30, the world’s most valuable currency is paring losses against an equally resurgent greenback but gaining versus a tepid ETH. Month-to-date, the BTC price is up 17 percent<\/a>, pointing to the direction of the primary trend and offering guidance for traders.<\/p>\n\n\n\n

From the daily chart, the BTC\/USD price is oscillating with relatively flat trading volumes. On the previous day of trading, the average daily volume rose two percent, pushing volumes to $53 billion and a market cap of over $1 trillion.<\/p>\n\n\n\n

Bitcoin is the most capitalized and liquid at this valuation, partly explaining the gravitation from investors, including some governments and deep-pocketed institutions.<\/p>\n\n\n\n

Bitcoin Price Overview<\/h2>\n\n\n\n

The Bitcoin uptrend is firm, and buyers are in control at spot rates of over $55k.<\/p>\n\n\n\n

The region between $60 and $62k and $50k on the lower end is a vital reaction point for traders from the daily chart.<\/p>\n\n\n\n

Specifically, $62k marks this March 2021’s highs while $50k is last week’s low.<\/p>\n\n\n\n

For trend continuation and shaking off late Feb 2021 bears, BTC bulls must first drive prices above $60k with relatively high trading volumes as BTC\/USD snaps back to Dec to Feb 2021 trend. Accompanying volumes must be higher than those of late Feb 2021 as bulls unwind losses from an Effort-versus-Results perspective.<\/p>\n\n\n\n

Gains above $62k opens BTC to $93k and $100k\u2014as per Fibonacci extensions. On the other hand, losses below $50k are enough to force further liquidations towards $42k\u2014or Jan 2021 highs in a retest.<\/p>\n\n\n\n

Traders are overly confident, pumped by supportive fundamentals.<\/p>\n\n\n\n

Bitcoin Market Movers<\/h2>\n\n\n\n

Triggering bulls are incoming news, including support from Tesla.<\/p>\n\n\n\n

According to the electric car maker, BTC is now one of the accepted payment methods. Users can purchase brand new Tesla cars for around $49k, priced in USD terms. The good news is Tesla won’t convert BTC to cash as other brands would. It is a statement of their long-term confidence in BTC now that they run a Bitcoin node.<\/p>\n\n\n\n

Meanwhile, Bobby Lee believes the BTC\/USD price will reach $100k. Talking to “Squawk Box Asia<\/em>,” the crypto supporter, however, thinks once the bubble burst, the crypto winter could be protracted, going on for years.<\/p>\n\n\n\n

“It could go down by quite a bit, and that’s when the bubble bursts. In the bitcoin crypto industry, we call it ‘bitcoin winter,’ and it can last from two to three years.”<\/p>\n\n\n\n

Bitcoin Price Analysis<\/h2>\n\n\n\n
\"Bitcoin
Bitcoin Price Daily Chart For March 30 via TradingView.com<\/a><\/figcaption><\/figure>\n\n\n\n

The BTC\/USD path of least resistance is northwards, and buyers are in control.<\/p>\n\n\n\n

Changing hands at over $55k, BTC prices are recovering and may print higher in the days ahead.<\/p>\n\n\n\n

Technically, the BTC\/USD price remains in range mode. Caps are at $62k and $50k, immediate reaction points.<\/p>\n\n\n\n

A high volume push above $62k is enough to trigger a buying hysteria towards $93k, the 1.618 Fibonacci extension level of the Dec to Jan 2021 trade range.<\/p>\n\n\n\n

On the reverse side, a sharp reversal below last week’s low is enough to spark a sell-off towards $42k in a retest.<\/p>\n\n\n\n

Accordingly, given the lack of developed direction in the immediate term, BTC\/USD risk-averse traders can stay on the sideline until a definite trend forms.<\/p>\n\n\n\n

Disclaimer:<\/strong> Opinions expressed are not investment advice. Do your research<\/em>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bitcoin price remains wavy, oscillating within a $7k range with caps at $50k and $57k. As of writing on March 30, the world’s most valuable currency is paring losses against an equally resurgent greenback but gaining versus a tepid ETH. Month-to-date, the BTC price is up 17 percent, pointing… Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":810,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10],"tags":[11,50],"class_list":["post-806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analysis","tag-bitcoin","tag-bitcoin-price"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts\/806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/comments?post=806"}],"version-history":[{"count":3,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts\/806\/revisions"}],"predecessor-version":[{"id":812,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/posts\/806\/revisions\/812"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/media\/810"}],"wp:attachment":[{"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/media?parent=806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/categories?post=806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hodlin.com\/blog\/wp-json\/wp\/v2\/tags?post=806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}