Bitcoin (BTC) Price Prediction – March 1, 2021
Bitcoin bulls have successfully held the $44,000 support as the market made an upward move. In the previous analysis, it was indicated that Bitcoin’s upward move will depend upon the current support level at $44,000 holding. Buyers have pushed the price above the $46,500 at the time of writing.
Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000
Since February 23, BTC/USD price has been fluctuating between $44,000 and $52,000. The current support at $44,000 is holding as buyers push the coin on the upside. The current upward move is facing resistance at the downtrend line. BTC price has two hurdles to jump over. On the upside, if the bulls break the downtrend line, the price will have an accelerated movement to retest the $52,000 resistance. Bitcoin will resume upside momentum once the $52,000 resistance is breached. Today, Bitcoin is trading at $46,264 at the time of writing. The bulls are struggling to break the downtrend line. Nonetheless, the price is above the 40% range of the daily stochastic. It indicates the coin is in a bullish momentum. Bitcoin is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand.
Belarusian Government Explores Potential Move into Crypto Mining
Viktor Karankevich is the Minister in charge of the Ministry of Energy of the Republic of Belarus. He said efforts are made to explore the pros and cons of cryptocurrency mining. The minister indicated that the crypto mining industry is rapidly growing all over the world in countries like China, the United States, Canada, and Russia. Viktor Karankevich said that the government is considering tapping into the mining industry following an investigation of the potential risks and other factors: “This is a new direction for us now. It is interesting but to get started with it, we have to conduct a detailed study of this issue, including an assessment of possible risks associated with this kind of activity. We’re on this.”
Meanwhile, the bulls are attempting to break the downtrend line. Technically, if the price breaks and closes above the downtrend line, the uptrend will resume. Conversely, if the coin faces rejection at the downtrend line and price falls, the crucial support at $44,000 will be revisited. A breakdown will cause Bitcoin to drop to $38,000 low.