Bitcoin rallied on Monday to kick off the week, bouncing off the $54K level and surging up over $58K before closing the daily candle just below the highs. This is a bullish candle and a positive sign as Bitcoin rebounds from another standard market correction and looks to retest the highs around $60K in the coming days.
(March 29, 2021 8:30PM EST)
Short-Term:
With a nearly 10% gain on the day, Bitcoin is back in action and only a few thousand short of the current ATH and local high around $62K. A decisive break above $60K and we should have a greenlight for higher highs, first to $65K but more likely $70K and then $75K. Bitcoin has been consolidating in a $10K range between $50K and $60K for nearly a month now. Now that Bitcoin has successfully made another ~20% correction from $62K to ~$50K and found support at the $50K level, Bitcoin should now have a new base and a higher low to act as support going forward. This is further supported by a decrease in interim selling pressure by miners who are gradually yet steadily losing power over Bitcoin markets (see chart below).
If Bitcoin were to get rejected around the $58K level and fall back lower, this could reopen the door back down to $50K where Bitcoin will need to find support else risk a drop to $48K where there's the 50 Day EMA.
Support:
$50K.
Floor: 50 Day EMA around $48K.
Resistance:
$60K, then $70K, then $10K intervals up to $100K.
