Bitcoin (BTC) Price Prediction – March 10
Bitcoin is on the brink of breaking above $58,500 following a momentous rally on Wednesday that has seen it rise to $56,000.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $64,000, $66,000, $68,000
Support Levels: $48,000, $46,000, $44,000
According to the daily chart, BTC/USD breaches $56,000 as all-time high beckons. The first digital asset is seen trading above the 9-day and 21-day moving averages. The Bitcoin price is now within touching distance of forming a new all-time high above the previous high of $58,500, which is quite remarkable considering it had just suffered almost 26% correction in the last week of February.
What to Expect from Bitcoin
After several weeks of being traded between $43,000 and $55,000, Bitcoin has been able to clearly break above $57,000 and reach a price per coin of $57,184. The main question is whether it will be able to surpass $58,000 where it may usually find large resistance. Meanwhile, traders are now waiting for a continuation of the bull trend that would help Bitcoin reach new highs.
Moreover, for Bitcoin to would have reached $57,000, this could be the beginning of a new bull run in the crypto space. Meanwhile, as the RSI (14) is soaring into the overbought region, BTC/USD may soon hit the potential resistance levels at $64,000, $66,000, and $68,000 while sliding below the moving averages could drag the price to the critical support levels of $48,000, $46,000, and $44,000 respectively.
BTC/USD Medium-term Trend: Bullish (4H Chart)
On the 4-hour chart, BTC/USD is currently trading around $57,026 above the 9-day and 21-day moving averages after a reversal from $53,113 where the market started trading today while the Bitcoin price is now moving towards the north.
However, if buyers could strengthen and energize the market, they can further push the price above the channel which could allow the market price to test the $60,000 and above. Meanwhile, the technical indicator RSI (14) is currently moving within the overbought region, but any further movement to the south may drag the price to the support level of $54,000 and below.