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Bitcoin price prediction: Bitcoin breaks $54,000 resistance, rejects further upside at $55,500.

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  • BTC breaks previous resistance at $54,000.
  • Further upside rejected at $55,500.
  • Next resistance at $57,000.

Today’s Bitcoin price prediction is bearish as the market rejects further upside at the $55,500 mark. Therefore, we are likely to see Bitcoin push lower later today.

Bitcoin price prediction: Bitcoin breaks $54,000 resistance, rejects further upside at $55,500. 1

Cryptocurrency heat map. Source: Coin360

The overall market is in the green overall. Market leader – Bitcoin is up by 3.6 percent, while Ethereum stands at 4.2 percent gain. The worst performance is seen for Cardano (ADA) as it has dropped by 6.6 percent.

Bitcoin price prediction: Bitcoin breaks $54,000 resistance, rejects further upside at $55,500. 

BTC/USD opened at $55,080 after strong bullish momentum yesterday resulted in a price increase of over 7 percent. Right now, Bitcoin seems to reject further upside as a bearish pin bar is formed around the $55,000 mark. This should mean that the overall bearish Bitcoin price momentum will likely resume over the weekend.

Bitcoin price movement in the last 24 hours

The BTC/USD price moved in a range of $52,836 – $55,646, indicating a good amount of volatility after a previously calm trading session. Trading volume has seen a further drop by 21.86 percent and totals $49.1 billion. Market cap has returned over the $1 trillion mark; however, when considering that the price of BTC/USD rejects further upside, we are likely to see it back below $1 trillion later today.

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BTC/USD 4-hour chart – BTC prepares to set another lower high?

On the 4-hour chart, we can see that the bullish momentum yesterday is exhausted as most of the previous downswing has been retraced. Therefore, Bitcoin likely prepares for another push lower over the weekend.

Bitcoin price prediction 2021-03-27

BTC/USD 4-hour chart. Source: TradingView

Overall, Bitcoin continues to move in a very bearish price structure for the past week. The market has set several lower highs and lows, indicating steady bearish pressure since the price of BTC/USD failed to break the psychologically important $60,000 mark.

Yesterday, we saw Bitcoin push higher, and after a small rejection at the previous support turned resistance at $54,000, the price spiked higher until it finally met resistance at $55,500. Right now, the price action of Bitcoin indicates that the market is ready to return to the downside gain. Therefore, we should see more downside over the next 24 hours.

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Strong support is still located at the previous low of $51,000-$52,000. If this area holds BTC/USD from moving lower, we could see a consolidation formed in the first part of next week. However, when considering the overall bearish pressure, the most likely scenario will be that Bitcoin breaks through this support and sets another lower low.

The next significant support is located relatively far away – at the $48,000-$49,000. If this support is reached from the current price, Bitcoin will see another wave lower of around 10-11 percent. Therefore, a short position could be made with the overall mid-term bearish Bitcoin price momentum.

Once the next major support around the $48,500 is reached, we could see Bitcoin start to reverse in a much more serious way as most of the upswing seen at the beginning of March will be retraced, indicating that the market is oversold once again.

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Bitcoin Price Prediction: Conclusion 

Bitcoin price prediction is bearish as most of the previous downswing has been retraced, and signs of rejection for further upside are present. Therefore, we expect Bitcoin to push lower over the weekend and likely reach the next major support at the $48,500 mark.

While waiting for Bitcoin to move lower, see our long-term price predictions on Litecoin and IOTA. To learn more about Bitcoin, see our guide on Bitcoin halving.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Legendary Trader Peter Brandt Challenges Binance with Four Questions about 88% BTC Crash

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Here’s what is unclear for Mr. Brandt about mysterious Bitcoin (BTC) flash-crash of Oct. 21, 2021

Prominent trader and analyst Peter Brandt has taken to Twitter to ask his four questions in the context of the flagship crypto’s 88% dropdown.

What do Binance and Binance.US have in common?

First of all, Mr. Brandt challenged the character of corporate relationships between Binance and Binance.US, its unit focused on American markets.

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Also, Mr. Brandt asks whether Binance is planning to release detailed documents to specify statistics for trades, their volume and prices during the flash-crash.

Then, the trading legend asked about the role of the platform in taking the opposite side of a client fills.

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Besides the Binance CEO and co-founder Changpeng “CZ” Zhao, Mr. Brandt mentioned the Interactive Brokers platform, U.S. watchdogs CFTC and SEC and Gary Gensler, the SEC chairman.

Most expensive “trading algorithm bug” ever?

Also, Mr. Brandt attached a screenshot of a tweet by CZ when Binance’s boss warned his audience about expected volatility spikes across cryptocurrency markets.

Finally, Mr. Brandt added that he never used Binance for trading.

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As covered by U.Today previously, on Oct. 21, 2021, amidst a spending rally, the Bitcoin (BTC) price briefly tanked to the $8,000 level, losing more than 88% in no time.

A similar flash-crash was registered on 26 other low-liquidity exchanges. A Binance.US representative attributed this dramatic plunge to a critical bug in third-party mechanisms by one of the platform’s sophisticated institutional clients.

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Dogecoin Looks Ready To Rip As Bitcoin Finds Critical Support, According to Crypto Analyst Justin Bennett

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Crypto analyst Justin Bennett says that Dogecoin (DOGE) could be ready to make a run for its next critical level about 37% above current prices.

The popular analyst tells his 88,000 Twitter followers that DOGE is attempting to break out of a long descending resistance line that it has been up against since May.

“DOGE looks ready (as long as $BTC cooperates).

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Just needs to get above 0.27 on a daily closing basis to open up 0.34+.”

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Source: Justin Bennett/Twitter

In the near term, Bennett says DOGE needs to turn the $0.26 level into support and close above $0.27 before continuing higher to his initial target of $0.34. At time of writing, Dogecoin is trading at $0.26 according to CoinGecko.

Looking at Bitcoin, the analyst says BTC’s ability to maintain the $60,000 level is a major show of strength that could have big implications in the broader markets.

“Although the BTC weekly candle might not look great, it still held above $60k.

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That’s what I was looking for. Doesn’t mean we can’t see more pullback before further upside, but it does mean $60k is holding as support on a weekly closing basis.

That’s huge.”

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Source: Justin Bennett

Bennett also has his eye on Bitcoin dominance, which compares BTC’s market cap to the rest of the crypto markets. He says it’s bounced off a support level and is currently on its way up.

“BTC.D is bouncing from 44.5% support.

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Surprise, surprise.”

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Source: Justin Bennett/Twitter

While surging Bitcoin dominance often suggests that altcoins will underperform, Bennett says this may only hold true in the short term. He says if the king crypto is looking healthy, then altcoins might take it as a signal to move up.

“This isn’t necessarily a bad thing for altcoins.

Will they suffer if BTC.D heats up again?

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In the short term and against BTC, yes.

But Bitcoin strength now is massively bullish for alts over the next few months.

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Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci

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Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying

Antony Scaramucci, founder and CEO of SkyBridge Capital venture fund that has a branch investing in Bitcoin, has told CNBC that Bitcoin can eventually convert anyone who “does their homework” to invest in it.

He named several billionaires who used to be skeptical on BTC but have been into it since 2020.

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Ray Dalio, Paul Tudor Jones, etc, have turned to Bitcoin

According to Scaramucci, Bitcoin has the power to attract even its opponents – if they begin to study BTC carefully and “do the homework” they get convinced of the great potential Bitcoin has.

He has referred to billionaire investors, such as Ray Dalio, Paul Tudor Jones and Stanley Druckenmiller – they used to be opposed to the flagship cryptocurrency and now are holding BTC in their portfolios.

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Among these former Bitcoin skeptics are Shark Tank’s co-hosts – Kevin O’Leary (widely known as Mr. Wonderful) and Mark Cuban, billionaire and owner of the Dallas Mavericks baseball team. He now considers Bitcoin a store of value and believes that Dogecoin is a perfect crypto for payments. The Mavericks online store accepts DOGE for tickets and merch, and, according to Cuban, people are spending thousands of USD in Dogecoin on every month. He also likes Ethereum because of smart contracts.

Here’s how much Bitcoin Scaramucci holds

As part of studying BTC, Scaramucci recommended reading the BTC white paper written by Satoshi Nakamoto, the mysterious person or a team of them that created Bitcoin back in 2008-2009.

As for his own crypto holdings, Anthony Scaramucci holds over one billion USD worth of Bitcoin. He believes BTC to be digital analogue of gold.

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He also believes that Ethereum and Cardano have a large potential and are going to keep rising in the future.

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