CryptoPotato
CryptoPotato
  • Crypto News
  • Margin Trading
  • Guides
    • Bitcoin & Crypto Guides 101
    • Bitcoin For Beginners
    • Editorials
  • DeFi & NFT
  • Buy
  • Language
  • Crypto News
  • Bitcoin For Beginners
  • Cryptocurrency Guides 101
  • Editorials
  • Bitcoin & Crypto Margin Trading
  • DeFi & NFT News
  • Bitcoin Price Analysis
  • CryptoPotato Crypto Fund
  • Ethereum (ETH) Price Analysis
  • Ripple (XRP) Price Analysis
  • Market Updates
  • Interviews
  • Buy Bitcoin with Card
  • bitcoin
    BTC$22,893.00
  • ethereum
    ETH$1,571.61
    • Market Updates
    • BTC Analysis
    • ETH Analysis
    • XRP Analysis
    • Interviews
    • Opinions
    CryptoPotato
    CryptoPotato
    • Crypto News
    • Margin Trading
    • Guides
      • Bitcoin & Crypto Guides 101
      • Bitcoin For Beginners
      • Editorials
    • DeFi & NFT
    • Buy
    • Language
    • Crypto News
    • Bitcoin For Beginners
    • Cryptocurrency Guides 101
    • Editorials
    • Bitcoin & Crypto Margin Trading
    • DeFi & NFT News
    • Bitcoin Price Analysis
    • CryptoPotato Crypto Fund
    • Ethereum (ETH) Price Analysis
    • Ripple (XRP) Price Analysis
    • Market Updates
    • Interviews
    • Buy Bitcoin with Card
    Home » BTC » Bitcoin Price Analysis: BTC Continues This Week’s Bearishness, Next Stop $51K?

    Bitcoin Price Analysis: BTC Continues This Week’s Bearishness, Next Stop $51K?

    Author: Yaz Sheikh

    Last Updated Mar 17, 2021 @ 12:58

    The short-term bearish momentum for Bitcoin continues, following another 3.5% price decrease today as the cryptocurrency dropped by a total of $2,000 into the $55K zone.

    BTC had been performing well last week as it followed a steep ascending price channel and even managed to create a fresh ATH over the weekend at $61,780 (according to Bitstamp). From, there, it started to head lower as it broke beneath the ascending channel on Monday.

    The cryptocurrency found support at $54,560 (.382 Fib) on Monday. It did spike further beneath this level yesterday, reaching as low as $53,220, but the daily candle managed to close at $56,950 following a nice reversal.

    Today, the 3.5% price drop caused BTC to head back beneath $55,000 as it tested the above-mentioned support  at $54,5560 (.382 Fib).

    As of now, Bitcoin failed to reclaim the previous mid-February ATH level of $58.5K, along with the bearish divergence on the mid-term, which could be worrying signs for the bulls in the short-term.

    BTC Price Support and Resistance Levels to Watch

    Key Support Levels: $54,560, $53,220 (this week’s low), $52,340, $51,000, $50,000.

    Key Resistance Levels: $56,950, $58,355, $60,000, $61,780, $62,170.

    Looking ahead, the first level of support lies directly at $54,560 (.382 Fib). This is followed by support at $53,220 (yesterday’s low), $52,340 (.5 Fib), $51,000 (downside 1.272 Fib Extension) and $50,000 (.618 Fib).

    On the other side, the firs strong resistance lies at yesterday’s high, around $56,950. Above this, resistance lies at $58,355 (previous ATH), $60,000, and $61,780 (current ATH). Additional resistance lies at $62,170 (1.414 Fib Extension) and $65,000.

    The RSI has returned to the midline and is starting to poke beneath it, indicating the bears are trying to gain control of the market momentum. If it continues beneath 50, the bearish momentum will increase and cause BTC to head back toward $50,000.

    On the bigger picture, there is a classic bearish divergence that has formed on the daily time-frame and could be a warning red flag for the bulls. From late-February (the previous ATH of $58K) to last week, price action was making higher highs while the RSI made lower highs.

    Bitstamp BTC/USD Daily Chart

    btcusd-daily-mar17
    BTC/USD Daily Chart. Source: TradingView

    Bitstamp BTC/USD 4-Hour Chart

    btcusd-mar17-4hr
    BTC/USD 4-Hour Chart. Source: TradingView
    SPECIAL OFFER (Sponsored)
    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.


    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
    Tags: Bitcoin (BTC) Price
    Enjoy reading? Share with your friends
    Facebook Twitter LinkedIn Telegram

    About The Author

    Yaz Sheikh
    More posts by this author

    Yaz is a cryptocurrency technical analyst with over seven years of technical analysis trading experience. As an Economics graduate, he has taken a keen interest in the future potentials of blockchain in the financial industry. Removing crypto from the equation, Yaz loves to watch his favorite football team and keep up-to-date with the latest fights within the UFC.

  • bitcoin
    BTC$22,893.00
  • ethereum
    ETH$1,571.61
  • Join Our Community

    FacebookTwitter YouTubeTelegram


    Editorials
    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    How Long Will the Ethereum LSD Narrative Last? Talking 2023 Trends with Nansen’s Martin Lee

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    Everything That’s Going on With Pi Network: From Start to Latest Controversial Listing

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    What is Ethereum Liquid Staking and Why It Is Crucial As Shanghai Upgrade Approaches?

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    The Lesson in Alameda-FTX About Government Regulation and Crypto (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    5 Bullish and 2 Bearish Cases for DeFi Going Into 2023 (Opinion)

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    From Google and Microsoft to Binance: Interview with Head of Product Mayur Kamat

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    13 Biggest Crypto Scandals and Controversial Stories of 2022

    Join Our Newsletter
    Become a CryptoPotato VIP
    One Weekly Email Can Change Your Crypto Life.
    Sign-up FREE to receive our extended weekly market update and coin analysis report
    We NEVER send spam. You can unsubscribe at any time.
    Invalid email address
    Thanks for subscribing!
    Footer Logo
    About
    Advertise on CryptoPotato
    About Us | Contact Us | Careers
    Editorial Policy
    Terms of service | Privacy Policy | GDPR
    More Sections
    IEO List | Evaluations
    Airdrops
    Scholarship
    Disclaimer
    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. Full disclaimer
    © Copyright CryptoPotato 2016 - 2021
    Scroll to top
    One Weekly Email Can Change Your Crypto Life.

    Sign-up FREE to receive our extended weekly market update and coin analysis report

    We never send SPAM. You can unsubscribe at any moment
    Invalid email address
    Thanks for subscribing!