Bitcoin bears have regained momentum after rejecting $57,500 to $57,000 resistance area. Bitcoin found support around $52,000 psychological event level. Bulls to regain momentum in the coming days? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
March 25, 2021, | AtoZ Markets – Bitcoin rose today morning during the Asian session against the U.S. Dollar. Bitcoin is currently trading around $52,800 area and trying to recover higher. After hitting an all-time high of $61,500 key area, the bears pushed the price downside quite impulsively and broke below $57,500 to $57,000 support level. As per the current price action, BTC may face strong resistance at the dynamic level of 20 EMA on the intraday chart in the coming days.
Moreover, on March 24, Elon Musk, CEO of Tesla, revealed that U.S. purchasers can now buy Tesla vehicles with Bitcoin (BTC). Musk likewise tweeted that Tesla won’t change over BTC payments into fiat, yet will add to its current treasury of around 48,000 Bitcoin.
Bitcoin Found Support as the Overall Bias Is Still Bullish
Bitcoin is currently residing near $52,800 area and trying to push the price upside. However, the price is still residing above the Kumo Cloud on the daily chart.
Image: Bitcoin Daily Chart
According to the daily chart, Bitcoin found support and currently trading around $52,800 area. As per the current price action, if the price can have an impulsive bullish candle close above $51,500 to $52,000 support level, the bulls may regain momentum and push the price upward towards $57,000 to $57,500 area in the coming days. Alternatively, if the price breaks below $52,000 to $51,500 area with an impulsive bearish candle, the bears may sustain the bearish pressure towards $48,000 to $47,500 area in the process.
In addition, the dynamic level of 20 EMA is currently residing above the price. So, it may work as strong resistance to push the price downside. Moreover, the MACD lines are currently residing below the 0.00 level and may have a bullish crossover. Besides, the histograms have created a bullish divergence. Both indicate that the bulls may regain momentum in the days ahead.
BTC Bullish Trend May Continue Further
According to the daily chart, Bitcoin found support as the investors are still optimistic. As per the current scenario, if the price can have an impulsive daily bullish candle close above $51,500 to $52,000 support level, Bitcoin may sustain the bullish trend towards $61,000 to $61,500 area as a first target. The second target will be $65,500 to $66,000 area if the price can break above $61,000 to $61,500 area in the process.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing above the price. Along with the Tenkan line. So, the price needs to break over the dynamic level to continue the bullish trend further in the process. However, the Kijun line is still holding the price as strong support. It indicates that the bulls may regain momentum in the days ahead.
To conclude, as long as the price residing over the uptrend line, the bias will remain bullish. An impulsive daily close is required to identify the definite momentum in the coming days.