Bitcoin (BTC) is struggling to cross again the psychological $60,000 resistance level, but continued upside may take it to $75,000 levels, according to analysts’ price prediction.
The apex cryptocurrency traded 1.98% higher at $58,577 at the time of writing on Tuesday. BTC has run up 102.57% since the beginning 0f 2021.
The gains in the flagship cryptocurrency have paled in comparison with Ethereum (ETH), which has returned 186.72% in the same time period.
The world’s second largest cryptocurrency by market cap traded 4.28% higher at $2,135.69 at press time. ETH has surged 18.02% in a seven-day trailing period.
According to Edward Moya, a senior market analyst at foreign exchange broker Oanda, we are in a “wait-and-see mode” in what seems to be a period of healthy consolidation for BTC, CoinDesk reported.
Moya said that the focus has shifted to institutional players with deep pockets, which could support Bitcoin’s next rally above 60,000 resistance levels.
“Consensus is, a break above $60,000 is not a matter of if, but when. Next barrier is at $75,000,” according to Moya.
Whale clusters suggest that this key Bitcoin level can trigger an explosive rally
Bitcoin whale clusters show $57,046 and $60,045 are the crucial support and resistance levels in the short term.
In other words, the probability of a strong breakout in the foreseeable future would increase substantially if Bitcoin stays above $57,046 and continues to test $60,000 resistance.
According to price prediction by researchers at Whalemap, the two key resistance levels for Bitcoin in the near term are $60,045 and $61,062. On March 31, the researchers noted:
“$BTC is back. Bouncing perfectly from whale supports so far. This is a good sign: in bear trends, whale resistances work better than supports and vice versa for bull trends. Whale supports are back to business now which means the trend has shifted. April should be quite fun.”
On Monday, MicroStrategy Incorporated (NASDAQ:MSTR) bought 253 BTC for $15 million in cash at the average price of $59,339 per BTC, the company said in a filing with the US Securities and Exchange Commission.
The Michael Saylor-led company holds approximately 91,579 BTC, bought at an average price of $24,311 per BTC, as of Monday. These were acquired at an aggregate purchase price of $2.226 billion.
Last month, MicroStrategy had bought $15 million worth of BTC as well.
“Retail traders are probably bidding up altcoins after missing the big move in bitcoin,” said Moya, reported CoinDesk.
Over the past seven days, altcoins such as WazirX (WRX), BitTorrent (BTT), and Tron have shot up 535.57%, 170.65%, and 104.97% respectively.