Bitcoin has yet again faced another rejection as it tried breaking the $60,000 level. It marks the third time the number one crypto would face similar rejection after it broke the $60,000 level earlier in March and set a new all-time high price at roughly $62,000.
Amidst the rejection, however, the end of March marks the sixth consecutive month BTC monthly candles would close since it last happened in 2013. If history would repeat itself with BTC, it means the crypto would enjoy further parabolic gains this year.
Back in April 2013, when Bitcoin monthly candles closed in green for six months, the coin traded at $140 then. Afterward, the market retraced below $100 two months after and surged 700% six months after with the price of the coin crossing $1,000 for the first time ever back then.
A similar event occurred with BTC in 2017 which resulted in another price surge. The market posed five monthly green candles into September. Unlike in 2013 when there was a price correction, BTC in September 2017 simply consolidated for some time, and in October it shot up from $5,000 to around $20,000 at the end of the year.
According to Bloomberg strategist, Mike McGlone, Bitcoin could be trading for more than $400,000 by 2022, should the markets follow the trends previously witnessed during 2013 and 2017.
#Bitcoin in Transition to Risk-Off Reserve Asset: BI Commodity — Well on its way to becoming a global digital reserve asset, a maturation leap in 2021 may be transitioning Bitcoin toward a risk-off asset, in our view. pic.twitter.com/Ycr1LSqEAJ
— Mike McGlone (@mikemcglone11) March 26, 2021
Bitcoin in the last 24 hours
At press time, the number one crypto trades at $59,388, few dollars shy away from $60,000.
However, as it has happened in its previous attempts to overcome the $60,000 coveted level, the bears took charge. Instead of breaching above it, they drove the cryptocurrency south violently.
This resulted in a $3,000 value loss in a matter of hours. Consequently, BTC reached a daily low of $56,700. However, the bulls intercepted the rejection and pushed the price upwards. In the following hours, BTC recovered most losses and currently sits at $59,388.
Technical indicators point that BTC is experiencing its first major resistance on its way up. If it breaks above $60,00 its next resistance level are $60,760, and the all-time high of $61,780.
However, should bears take over, BTC will receive support at $58,355, $57,545, and $56,700 in case another price breakdown arrives.
Memorable March 2021 for BTC, ETH – Analyst
Compared to March 2020 when the dreaded coronavirus plunged the global economy into crisis, March 2021 has been far off better especially for the crypto world, Greg Waisman, the co-founder and COO of the global payment network Mercuryo analyses.
In his Monthly crypto review report, the COO notes that March brought a lot of progress to the crypto industry noting that crypto adoption has seen the most progress. Institutional investors have continued to stake high on BTC while financial institutions, including JP Morgan, among others offering crypto products.
Tesla got into Bitcoin and also announced it is open to receiving BTC payment for electric cars. Waisman touched reports in March that BTC miners managed to earn over $1.5 billion, making mining one of the most profitable ways of earning BTC.
Ultimately, he noted how BTC managed to hit a new ATH followed by a quick correction. Ethereum saw a similar price performance, however, it was held back by extremely strong resistance at $1,850 for the majority of the month, and this barrier caused it to trade sideways for weeks, the COO noted.