The market leader, Bitcoin, has displayed a notable run over the past few weeks by adding significant valuation to its portfolio. Further, the BTC price had successfully recorded a new all-time high on 14th March with a price of $73,750.
Since then, the price has been constantly trading under a bearish influence, indicating a trend reversal in the market. The Bitcoin price has recorded a loss of approximately 17% within the past seven days, making it the biggest correction of this year.
With the star crypto hinting at bearish sentiments, the market has entered into a FOMO-like situation and is filling in with questions like “Is This The Right Time To Buy Bitcoin?”. In this article, we will uncover the possible price targets of the BTC token.
Bitcoin Price On The Verge To Test Its Crucial Support Level!
The price of Bitcoin displayed a neutral trend by trading in a closed range between $50,540 and $52,853 for a brief period. As the market volatility increased, the BTC price recorded a jump of 23.50% within the next three days, following which the price faced rejection at $62,972.
The Bitcoin price traded sideways for a while the bulls regained momentum and successfully broke out of the resistance level. However, the market experienced a trend reversal, resulting in it erasing all its gains. After testing its low of $61,025, the BTC price started trading positively.
The BTC price added over 20% within the next eight days, resulting in it successfully recording a new ATH in the market, following which the price displayed a neutral trend for a while and lost momentum. Since then, the star crypto has been trading under the influence of bears.
The Relative Strength Index (RSI) is on the verge of breaking down its oversold range, highlighting a significant increase in the selling-over-buying pressure in the crypto industry. Further, the averages show a bearish curve, suggesting a negative price action for the market leader this week.
Also Read: Bitcoin Drops Below $62,000: The BTC Price Is Still in the Middle of the Bull Cycle
Will BTC Rise Again?
If the market holds the Bitcoin price above its crucial support level of $61,025, the bulls will regain momentum and prepare to test its upper resistance level of $68,519. Maintaining the price at that level will set the stage for the BTC price to attempt to test a new high by surpassing its resistance level of $73,754 in the coming time.
Conversely, if the bulls fail to regain power, the price will lose momentum and fall below its support level of $61,025. Moreover, if the bears continue to dominate the market, it will further plunge and prepare to test its low of $56,880 during the upcoming week.
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