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Bitcoin Slightly Corrects As It Attempted To Take $59,000

The past few days have been exciting for the digital asset space, especially those who hold Bitcoin. The digital asset has been outstanding in its struggle to retake its all-time high, which it finally attained yesterday. Investors are waiting for Bitcoin’s next mark, but the asset quickly corrected back to $57,000, which could be due to the crypto’s continuous rise within the past few days.

The correction is necessary for the asset to move to more significant price points. Still, reports show that this drop might have led to some panics amongst inexperienced traders as they continue to intensify the asset’s selling pressure. The pressure has to cool off for the crypto to bypass the $58,000 mark, which is now one of its significant resistance points.

Bitcoin declines to $57,000

The asset has flawlessly gained significant value within a short while, which has led to more buyers investing in the digital asset. When the asset closed in one of the $59,000 marks, it corrected immediately, taking the price to the $57,000 point. But investors should not worry about the price drop as charts show that the crypto is still very bullish and would uptrend very soon.

The asset could not maintain the new high, leading to its rapid fall when it attempted to move higher. The crypto’s present resistance point is around $58,000, $59,000 and $60,000, while its support hold around the $40,000, $39,000 and $38,000 marks.

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The new price drop shows that the crypto finds it hard to uptrend as it fluctuates throughout the day. The asset fell within the $54,000 yesterday due to the resistance point’s push, which dragged the crypto down the charts.

Fortunately, the asset’s move near the consolidation zone could mean getting ready to surge, significantly taking down many resistance points with force. The crypto’s current position is $57,000, and a break at that point would mean the asset surging as high as the $61,000 mark.

The bulls have prominent market dominance

On the other hand, if the asset is taken down at the $57,000 point, the crypto’s next stop would be around $52,000, further leading to more drastic falls. Interestingly, March is a month where dramatic price crashes occur, as Bitcoin crashed to $3,800 in this month exactly one year ago.

But, it’s clear that the pandemic is a major reason why the drop was so drastic, and such a significant fall is unlikely to happen as countries find some solutions to the COVID-19 virus. The asset dropped by almost 50% during that time, and people dubbed that day ‘Black Thursday’ as many lost millions.

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The price fall was short-lived as the asset rebounded more than ever since the fall, and it attained the $30,000 mark within 2020. The crypto also trades above its 9-day and 21-day moving averages, showing that the asset is still very bullish and would soon see a breakout. The RSI (14) is also around the 70-level, showing that the industry should get ready for some significant price gains as the bulls retake dominance.


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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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