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Bitcoin BTC reversed from a new all-time high after hitting a wall near the $62,000 level at the prior week whilst the bullish cycle stays intact.
*BTC/USD price ends another weekly candle above the $58,000
*Bullish rallies are gravitating around the all-time high at $61,788 level
*Bitcoin (BTC) Hashpower Skyrockets
In the market, amid fear of near-term correction buyers remain unyielding towards the $60,000 threshold. The most significant bullish rallies are gravitating around the all-time high at the $61,788 level. As BTC/USD price ends another weekly candle above the $58,000 the sentiment signifies a period of accumulation rather than decreasing. The price of BTC continues to ascend with increasing momentum from its rebound zone at $53,221 compared to its last run-up.
Bitcoin (BTC) Hashpower Skyrockets
Bitcoin mining is extremely competitive and with such a fast Hashrate, the difficulty of mining on the network is extremely high as well. On March 14, 2021, the Hashrate of the Bitcoin network jumped to an all-time high of 185 exahash per second. Hashpower has continued to grow steadily, reaching a whopping 18,400% in five years since January 21, 2016. Bitcoin price (BTC) certainly helped bring the Hashrate to the present number attained.
BTC Daily Chart: Bullish
The price action in BTC/USD on the daily timeframe confirms the bullish view. As the $60,000 threshold becomes more and more “compelling” to breach, the pair has begun to move higher. The pair bounced to horizontal resistance near $60,000 briefly while unwinding an overbought RSI.
The price moved lower to $53,222 lows on Mar. 16th and has rebounded towards the psychological zone of $60,000. The RSI now has room to move lower (if price moves lower), without moving into oversold territory immediately. Initial support is at the level of $55,000, next support is at the MA 50 around $50,000 level.
4 Hour Chart: Ranging
Bitcoin is looking increasingly bullish as it continues to gain strength above the Feb high, at $58,300. The all-time-high for the BTC/USD pair, around the $61,788 level is the next major upside target for short-term bulls. If buyers can force a breakout above the $60,000 level then a major rally towards the $65,000 level remains extremely possible.
On the flip side, if the BTC/USD support at the MA 50 is breached, the BTC/USD may head towards the next important support at $55,000. If this support resists, a rebound targeting the resistance at $60,000 may be expected. The BTC/USD pair is only bullish while trading above the $55,000 level.
Resistance Levels: $65,000, $62,000, $60,000
Support Levels: $57,000, $55,000, $53,000
Image Credit: Tradingview
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