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BTC Price Analysis: Investors Brace Up on BTC/USD for $60,000 Recapture Following a Surge in Wall Street Bitcoin Adoption

BTC/USD

Bitcoin (BTC) has started to move back towards the $60,000 resistance region as the pioneer cryptocurrency once again recovered from downside pressure failing to breach $53,000 support. The current momentum indicates that the upside precedent is not about to slow down. Bitcoin demand stays steady as investors brace up on BTC/USD for $60,000 recapture. Although Bitcoin has lost steam at a $59,576 intraday high, BTC has held steady above $57,000 and is trading above $57,500. The no. 1 digital asset on the Coinmarketcap list retains its market cap above $1 trillion with a total of $58.77 billion in trade volume over the past 24 hours. At the time of this post, BTC/USD shows an unyielding upside advance bolstered by prior resistance zones flipped into the support zone. As BTC price increases, sparking a wave of renewed attention from investors, the pressure is building on Wall Street institutions to accept Bitcoin as a legitimate asset class. The banking industry now contends with BTC following a surge in Wall Street Bitcoin adoption.


*Although Bitcoin has lost steam at a $59,576 intraday high, BTC has held steady above $57,000 and is trading above $57,500
*Bitcoin demand stays steady as investors brace up on BTC/USD for $60,000 recapture
*The banking industry now contends with BTC following a surge in Wall Street Bitcoin adoption


Key Levels
Resistance Levels: $65,000, $62,000, $60,000
Support Levels: $57,000, $55,000, $53,000

BTC/USD Daily Chart: Ranging

BTC/USD Daily Chart

As BTC/USD price continues to surge, the daily chart shows former resistance zones flipped into support zones creating tradable historical price data. The recent decline rebounded from the resistance now support at $53,000 to recapture the $60,000 level. The relative strength index (RSI) also implies the correction is yet over 60, the slight divergence is not strong enough to invalidate its ascent.

An extensive consolidation is expected in the medium term amid BTC/USD two consecutive days rebound from support at $53,000 where a daily close past the Feb. 21 high at $58,367 may validate further advance. The price trades above the ascending trendline that connects the lowest levels. Therefore, the pair will likely resume the upward trend as bulls attempt to retest the all-time high at $61,788.

BTC/USD 4-Hour Chart: Ranging

BTC/USD 4-Hour Chart

On the 4 hour chart for the BTC/USD pair, its price trades above the MA 50 while the $57,402 holds as a support zone which may catalyze the bullish rally. Thus far, the MA 50 zone appears to be psychological support. If lost in the near term, the bullish run may lift from historical volume support (horizontal level) at the $55,000 level.

Bitcoin is again starting to firm above the $57,000 level, following an upside reversal in price back towards the $60,000 level. The lower time frame analysis shows that BTC/USD is trading within the ascending channel. However, the 4 hour RSI needs to confirm the rally above 60 reading. The BTC/USD pair is only bullish while trading above the $53,000 level.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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