Bitcoin (BTC) Price Prediction: BTC/USD Rebounds and Breaks above $54,000 Resistance, Targets the $58,000 High

Bitcoin (BTC) Price Prediction – March 27, 2021
On March 25, BTC/USD slumped to the low of $50,350 as bulls bought the dips. The king coin has been in an upward move as price reached the high of $55,858. The current uptrend has reached the overbought region of the market. Bitcoin will fall if sellers emerge in the overbought region.

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Today, Bitcoin has risen to $56,207 high, but the cryptocurrency is facing rejection at the recent high. The king coin is falling after reaching the overbought region of the market. If price retraces and finds support above the $54,000 price level, there is the tendency for a further upward movement of the coin. However, if price retraces and the bears break the $54,000 and $51,000 price levels, the downtrend is likely to resume on the downside. Bitcoin will face deeper correction if the bears pushed the coin to $48,000 low. On the upside, if the current bullish momentum is sustained and price breaks the recent high, Bitcoin will reclaim the $58,000 support.

Bitcoin (BTC) Indicator Reading
The crypto’s price is at level 54 of the Relative Strength Index period 14. This implies that Bitcoin has room to rally on the upside. BTC price has broken above the 50-day SMA and it is approaching to break the 21-day SMA. A break above the SMAs will propel price to rise on the upside. Bitcoin is above the 80% range of the daily stochastic. It indicates that BTC price is trading in the overbought region of the market.

Bitcoin has been in a downward correction after its rejection on March 14. The coin was repelled from the $62,000 resistance zone. The king coin will further decline if it faces rejection in the overbought region. On March 16 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that BTC price is likely to fall to level 1.618 Fibonacci extension or the low of $48,143.70.