The market leader #BTC has seen significant growth over the past few weeks, significantly increasing the value of its portfolio. In addition, on March 14, the price of BTC successfully reached a new all-time high of $73,750.
Since then, the price has continuously traded under bearish influence, indicating a trend reversal in the market. Bitcoin's price has recorded a loss of about 17% over the past seven days, making it the biggest correction this year.
As the star cryptocurrency hints at bearish sentiment, the market has entered a FOMO-like situation filled with questions such as “Is now the right time to buy Bitcoin?” In this article, we will reveal possible target prices for the BTC token.
Bitcoin price is on the verge of testing a critical support level!
Bitcoin price showed a neutral trend, trading in a closed range between $50,540 and $52,853 for a short period. As market volatility increased, the price of #BTC rose 23.50% over the next three days before the price encountered a rejection at $62,972.
Bitcoin price traded sideways for some time, the bulls gained momentum and successfully broke through the resistance level. However, the market experienced a trend reversal, as a result of which it negated all its achievements. After testing the low of $61,025, the price of BTC began to trade positively.
BTC price rose over 20% over the next eight days, causing the market to successfully lock in a new ATH, after which the price showed a neutral trend for a while and lost momentum. Since then, the star cryptocurrency has been trading under the influence of bears.
The Relative Strength Index (RSI) is on the verge of breaking out of oversold range, highlighting a significant increase in selling pressure over buying in the crypto industry. Additionally, the averages show a bearish curve, indicating negative price action from the market leader this week.
Will BTC rise again?
If the market holds Bitcoin price above the critical support level at $61,025, bulls will regain momentum and be ready to test the upper resistance level at $68,519. Sustaining the price at this level will set the stage for the BTC price to attempt to test a new high, breaking through the $73,754 resistance level in the near future.
