Bitcoin Price Analysis: BTC Consolidates Above The $60,000-Level
Daily Bitcoin BTC Price Forecast
- Bitcoin price crossed $60,000 for the first time this Saturday.
- The RSI is crawling along the edge of the overbought zone.
Bitcoin price jumped from $57,000 to $61,200 this Saturday, reaching a new all-time high. Since then, BTC dropped to $59,000 and then consolidated back above $60,000. So, what’s going on behind the scenes? Let’s take a closer look with technical analysis.
Bitcoin Price Reaches New All-Time High Levels
Since March 5, the Bitcoin price has climbed from $48,575, gaining around $12,000 in overall valuation. Due to this rise in price, the relative strength index (RSI) is hovering along the edge of the overbought zone. Any further rise will take BTC into the overpriced territory.
Image: BTC/USD daily
IntoTheBlock’s IOMAP shows us that there are three healthy support levels on the downside at $57,000, $55,000, and the 20-day SMA. These three support zones are robust enough to absorb a large amount of selling pressure.
Bitcoin Bulls Have Positive Effect On Crypto Market
Santiment shared the chart shown above and shared the following tweet:
“The past 24 hours have been fantastic for the vast majority of #crypto projects, with #Bitcoin's new #AllTimeHigh having ripple effects for many #altcoin holders. Of note, $FIL, $HBAR, $MANA, $NPXS, and $HOT have been making great strides.”
Investment Research Giant, Morningstar, Educating Investors On Bitcoin
Morningstar investment firm is educating its investors on Bitcoin and other cryptocurrencies. The company stated that the initiative is part of its role in empowering investors following the recent growth that the digital space experienced.
However, the firm acknowledged that it has no long-term stand on cryptocurrency investment despite offering resources to investors.
We continue to monitor investor interest in the digital asset space and are evaluating how investors might successfully employ cryptocurrencies in their portfolios. As examples, we currently carry over 120 crypto/digital asset exchange feeds in our exchange data platform.
As part of educating investors on crypto assets, Morningstar has categorized the industry into four segments - cryptocurrencies, cryptocurrency storage and payments, digital securities and services, and network and exchanges.
Morningstar recently published an article on the benefits and challenges of including BTC in an investment portfolio. Interestingly, the firm remains skeptical about considering Bitcoin as an investment asset.
The US-based investment firm noted that the increased institutional interest in Bitcoin is causing the asset to steadily lose its value as a diversification tool. It warned investors that there is no guarantee Bitcoin can improve a portfolio’s risk-adjusted returns.
However, Morningstar concluded that Bitcoin is better off as an alternative currency and a commodity that can support new technologies.
For that reason, bitcoin is probably best used in (very) small doses as a hedge against weakness in the dollar and major disruptions in the global financial system.
The firm added that Bitcoin enthusiasts should also watch out for other emerging alternatives. The platform pointed out to Ethereum, Litecoin, Cardano, Bitcoin Cash and Lumens as Bitcoin substitutes.
Bitcoin Price Is Expected To Reach These Levels
The Bitcoin price is likely going to make for another jump to the all-time high level.