Bitcoin Finds Support But Still In Bearish Territory. Watch This Level Next!

Published: March 16, 2021|Last updated: March 16, 2021

Image from last price prediction showing the BTC/USD pair on the 1-hour timeframe

In our previous Bitcoin analysis Bitcoin Prints New ATH! $70k Next? we talked about the potential Bitcoin sell-off and the red flags to watch out for.

Well, that bearish prediction played out exactly and right now Bitcoin is has found support and is bouncing off a key level we have made mention of on numerous occasions.

Bitcoin Finds Support But Still In Bearish Territory. Watch This Level Next! — Bitcoin bouncing on key support on the 1-hour timeframe

However, Bitcoin is still very much in the bearish territory. By trading back below the $58,274 previous ATHs, the Bitcoin chart paints a clear picture of growing weakness in price.

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Bearish Price Scenario

For the Bitcoin bearish price scenario, we need to see the price weakness on Bitcoin persists, this would increase the probability that we might see the selling pressure on the Bitcoin price intensify in the coming days.

But for this to occur, we need to see the $58,274 previous ATH act as resistance to the Bitcoin price.

Bitcoin bearish price scenario on the 1-hour timeframe

Once the Bitcoin price breaks through the $51,928 support region, the next key level, and likely target to aim for is the $43k region.

Bullish Price Scenario

For the bullish price scenario, we need to see the Bitcoin price break through the $58,274 previous ATH. This break would push Bitcoin back into bullish territory, opening the way for the largest cryptocurrency in the world to surge to $70k in value in the coming days.

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We also created a video below where we talked more in-depth about the patterns developing on the Bitcoin chat as well as key fundamental factors that might affect the Bitcoin price in the coming days.

https://www.youtube.com/watch?v=LpI054pabBk

To gain more information on how to partake in this coming Bitcoin Bull run and trade this cryptocurrency, you can read my How To Trade Bitcoin Guide. You can also check my top list of Best Bitcoin Exchanges To Trade With

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