Bitcoin Price Must Stay Above This Level To Break $ 60,000 - News-Credit-Mortgage-Coin


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Saturday, February 20, 2021

Bitcoin Price Must Stay Above This Level To Break $ 60,000


For bitcoin price to break the $ 60,000 level, it must remain above key levels. The price of Bitcoin (BTC) has risen steadily over the past weeks. It reached its new peak level at $ 57,500 on February 20.

Positive News Impact Bitcoin Price

This week, news such as the company registered on the German stock exchange allocating its cash reserves to BTC appeared in the press. On the other hand, news such as the launch of the first Bitcoin ETF in Canada, which was traded for over $ 220 million with its first launch, also graced the agenda.

Such news is increasing the price of Bitcoin. On the other hand, Elon Musk stated that BTC will reach a price of $ 100,000. Accordingly, all these approaches provided fuel for the price.

However, the next major point of interest is at the $ 63,000 level. Therefore, if Bitcoin is above a few key support levels, it is possible to reach this level.

Bitcoin Continues To Rise To Critical Levels

The four-hour chart for Bitcoin shows a clear upward trend as it breaks out of the range structure between $ 30,000 and $ 42,000. Since then, significant levels of $ 44,000 and $ 50,000 have functioned as support. These reasons Bitcoin found the strength to move forward to $ 55,000.

This move is also due to decreasing reserves in stock exchanges. The latest development is very similar to the end of 2016, when more Bitcoin was withdrawn than deposited from exchanges. These withdrawals mean people want to keep their Bitcoins for the long term.

During the last rally, the first Fibonacci level was reached at 1.618. Now Bitcoin is approaching the second point of interest around $ 63,000 at the 2,618 Fibonacci level.

On the downside, the $ 50,000 level is crucial on the four-hour chart. If this support continues, there is a good chance that Bitcoin's price will reach the next level. However, if support drops at $ 50,000, more downsides to $ 43,000 can be expected.

The Total Value Of The Crypto Money Market Has Reached $ 1.7 Trillion

Meanwhile, the value of the total cryptocurrency market has increased during this cycle. Now it's approaching $ 2 trillion.

However, after breaking through 2017's all-time highs, the next level of interest was the $ 1.2 trillion level, which is also the 1.618 Fibonacci area.

This zone was eventually broken. Market cap is currently targeting $ 1.85 trillion, which is the Fibonacci level of 2.618. The chart also shows a large gap between the 21-Week MA and the current price. Therefore, recent developments show that the rally could be over-expanded.

Historically, the end of February and March do not indicate an upward trend for the market. A fix should therefore come as no surprise. In this case, a $ 1.2 trillion retest is definitely on the table.

Key Levels to Watch for BTC Price

In trading, it's all about holding critical support levels for further up or down momentum. In this case, the first key levels are between $ 43,000 and $ 44,000 and the second at $ 50,000.

However, the same can be said for the $ 55,000 level now in the lower timeframes, especially the 1 hour candlestick chart. If this situation disappears, there will be a gap in the next support area. This means that a breakout of the $ 50,000 level can be expected.

However, as long as $ 55,000 is kept, there are not many obstacles preventing Bitcoin's price from reaching the next Fibonacci level of $ 63,000.

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