Bitcoin doesn't have enough strength to beat $ 60K

Bitcoin doesn't have enough strength to beat $ 60K
  • In the Bitcoin market, we have witnessed another attempt to beat $ 60K in recent days, but the bears did not allow it.
Not much has changed on Bitcoin since our last analysis, and even though we saw an attack on $ 60K, BTC was rejected and sent back down.

But let’s summarize all the important events that have taken place outside and directly in the market in the last 7 days.

In terms of external events, the first major announcement was from CME Group about their new product, Micro Bitcoin futures. These new futures will represent only a one-tenth the size of one Bitcoin, so the contracts will now be available to a wider group of participants.

The second, perhaps even bigger event for Bitcoin was the revelation from Mary Rich, a new global head of digital assets for Goldman’s Sachs private wealth management division about the fact that the company will allow its clients to invest in cryptocurrencies. Goldman’s private wealth management division will begin investing in cryptocurrencies in the second quarter of this year.

It is highly likely that the two reports contributed to the rise in the price of BTC, which reached $ 60,200 (binance) on March 2. Here we come to the behavior of traders and events directly on the market.

When we look at the graph, we get back to our reversal zone, which again worked this time, but unfortunately to the detriment of BTC. As you can see, Bitcoin entered this zone on March 30, but was falling out of it at any moment. Bitcoin definitely left the zone on April 3, the day after the price exceeded $ 60K.

However, this does not mean that BTC will not try to enter this zone again, but if Bitcoin fails to overcome the entire reverse zone with conviction and does not get above $ 62,000, the scenario will still be the same.

What else does technical analysis say?

  • New confirmed support at $ 50K
  • Next support in the area of ​​$ 42K – $ 43K
  • Key support in the area of ​​$ 28K – $ 30K
  • The $ 58,200 to $ 62,000 range is a confirmed reversal zone

Read also: Trading Coinbase stocks on Nasdaq Global Select Market is evidence of cryptocurrencies maturity

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