Bitcoin rises strongly to retest the psychological level of $60,000

Mohammed Abdelkhalik
March 18, 2021

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Bitcoin Price Outlook – 19th March 2021

Despite a few hiccups and occasionally strong corrections, Bitcoin has achieved a very profitable year up until now. The currency has reached the three highest levels ever in this quarter alone. 

The first, was in the early days of the year specifically on (January 9) when the leading digital currency first reached 40 thousand dollars. The currency witnessed a correction after that, which turned into a high that led to its rise to 58 thousand dollars on February 21. Then the currency reached $ 61.8K on (March 13th), and although it has declined slightly since then, it is likely that it will only be a minor correction like the above, which will stop at the first stronger support it meets.

Bitcoin’s rally began in the early hours of Saturday (March 13), reaching its price of $60,000 by midday.  After maintaining this level for a while, the crypto-coin advanced and continued to rise until it reached $61.800, where it began struggling to rise further. Instead, it slowly started declining to the $60K it had maintained up until recently; however, support decreased on Monday morning and fell to $ 58K.

BTCUSD Chart - 19th March 2021

It continued to fluctuate until it reached $ 54,000 on Wednesday morning, as the cryptocurrency market waited for the decisions of the Federal Reserve meeting. As the broader crypto market welcomed the words of the Reserve Bank President, Jerome Powell, bitcoin rose by more than 7% to $58,000 from its intraday low of $54,000. After reaffirming that interest rates will remain at current levels until 2023, Ethereum and other alternative currencies also rose to compensate for this week’s losses.

Bitcoin rose after investing of ETF in Canada

Bitcoin price growth is not a surprise after everything that happened over the past week. The coin has attracted a lot of attention by receiving its third ETF (exchange-traded fund) in Canada, while the US still does not have one. Moreover, it has been launched by Galaxy Digital by Mike Novogratz – a very reputable company.

Institutional interest in the leading currency has never been higher. Goldman Sachs anticipated a tremendous amount of crypto use in the near future, while GBMorgan – known for warning Bitcoin over the years – recently launched its own crypto product. There is a lot of interest in creating strong bulls for the currency, as recent reports revealed that Valkyrie hopes to launch an innovative balance sheet ETF backed by companies investing in Bitcoin.

Where will the price go?

The leading digital currency has beaten all expectations over the past few months, with some predicting it to reach $ 50,000 by the end of the first quarter, but the currency managed to achieve it a long time ago and even surpassed the next support level of $ 60,000.

This is why it is clear that Bitcoin may reach $ 70,000 soon, and may reach $ 100,000 by the middle of this year, which may happen in light of the continued favorable environment for the rise of cryptocurrencies.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.