Bitcoin (BTC) Price Prediction – March 5
BTC/USD is up by more than 6.94% after a sudden and bullish price spike.
BTC/USD Long-term Trend: Ranging (Daily Chart)
Resistance Levels: $62,000, $64,000, $66,000
Support Levels: $48,000, $46,000, $44,000
The daily chart reveals that BTC/USD has pushed above the crucial resistance level of $56,500. The coin is moving towards $57,000 to trade at $56,914 at the time of writing.
Bitcoin is exhibiting strong bullish momentum after what could be a sustainable break above an important technical level.
Meanwhile, BTC/USD has gained more than 6% since the beginning of the day – it is currently using support at $53,000 as a foundation to develop further upside momentum. There are signs of this upside move now gaining traction.
Bitcoin price prediction – BTC back above $60,000?
With the number one coin holding above its moving averages, the return below $57,000 could set the framework for gains towards $60,000.
Meanwhile, the technical analysis shows that the bulls are ready for action, especially when the up-trending RSI (14) is considered. Therefore, any further bullish movement towards the upper boundary of the channel could pave the way for gains above $58,500, before reaching the resistance levels of $62,000, $64,000, and 66,000.
Looking at the downside, if the price falls back below the $55,000 level and moves to cross below the lower boundary of the channel, the bears could take control over the situation very quickly. This may serve as a major blow to market sentiment, as traders could interpret it as a sign of underlying weakness. The next critical support is likely at $52,000, probably followed by $48,000, $46,000, and $44,000 support levels.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
The 4-hour chart shows the price failing to stay above the moving averages – a sign of market weakness. However, the intraday trading is looking bullish; following the recent rebound at $53,000, which is the key support level. If bitcoin trades below the moving averages, it could test the next key support level at $55,000.
But against the backdrop of the recent sharp rebound, the bitcoin price may re-commence the bullish rally to challenge resistance at $57,000. A climb above that level may encourage bulls to target a breach of the next significant resistance level at $59,000.