Bitcoin (BTC) Price Prediction: BTC/USD Reclaims $58,000 Support as Bulls Attempt To Breach the $60,000 Overhead Resistance

Bitcoin (BTC) Price Prediction – April 4, 2021
Bitcoin price has slumped to $56,872 low after the rejection from the high of $60,190.The bears have broken below a crucial support at $58,000. Nonetheless, the bulls have reclaimed the crucial support.  However, if the bulls defend the $58,000 support, buyers will continue to retest the $60,000 psychological price level.

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

Initially, BTC/USD was trading above the $58,000 support after the resistance at $60,000 high. The support enables buyers to resume upside momentum to retest the overhead resistance. The bears have broken the $58,000 support suggesting a possible downward movement of price. After the breakdown, buyers are retesting the $58,000 high to resume above it. Nonetheless, the $58,000 support has been reclaimed. The selling pressure will resume if the bulls face rejection at the recent high. On the other hand, the upside momentum will resume if bull breaks above the $58,000 support. For instance, on March 22, buyers could not break the $58,000 resistance. The crypto was repelled as the market declined to $54,000 low. The crypto’s price corrected upward again to retest the $57,000 high. Today, the bulls are above recent high.

New Bitcoin Regulations Are Underway by Jay Clayton
Jay Clayton is the former U.S. Securities and Exchange Commission chair. He has warned that Bitcoin has not been classified as security for a long time. He also indicated that its status as a non-security still does not defend it from the imposition of new regulations, which, he warned, could be coming soon. Former Chair Jay Clayton made another statement when he was the head of SEC: “Bitcoin was decided not to be security before the time I got to the SEC. Therefore, the SEC’s jurisdiction over Bitcoin was rather indirect.

Buyers have again pushed BTC price above the $58,000 support level. This is an indication that the $60,000 resistance is likely to be retested. The price indicator has indicated an upward movement of the coin. On April 1 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement implies that Bitcoin will rise to level 1.272 Fibonacci extension or the high of $62,812.90. However, BTC price will reverse at the recent high to the 78.6% Fibonacci retracement level.