Bitcoin Price Analysis: BTC Meets Heavy Resistance At the $59,000-Level

3 Min Read
Last Updated July 23rd 2021

Daily Bitcoin BTC Price Forecast
  • Bitcoin price surged from $55,500 to $59,000 over the last two days.
  • The downside is protected by a 7-week old trending line.

Between March 10 and March 13, the Bitcoin price jumped from $55,000 to $61,000 and gained almost $6,000. However, BTC has since dropped to $55,200, flipping the $56,000 line from support to resistance. However, BTC has since regained bullish momentum.

Bitcoin Price Is On The Verge Of Getting Overvalued

Over the last two days, the Bitcoin price has jumped from $55,500 to $59,000. As things stand, BTC has encountered heavy resistance at $59,000 and dropped to $58,800. The relative strength index (RSI) over the last two days has pushed it to the edge of the overbought zone.

btc/usd daily chart 031821

Image: BTC/USD daily

Thankfully, the IOMAP shows that the $59,000 resistance is definitely very conquerable. Previously, a little over 205,000 addresses had purchased 67,600 BTC tokens at this level. On the downside, there is a healthy support wall at $56,200, which is robust enough to absorb a lot of selling pressure. The downside is protected by a 7-week old trending line.

btc/usd volume chart 031821

Image: IntoTheBlock

MicroStrategy CEO: Bitcoin Is A ‘Once in a Lifetime’

Micheal Saylor, the CEO of MicroStrategy, said that Bitcoin is a “once in a lifetime” transformation. He noted that fiat instruments in this transformation are being “encrypted and converted into a digital instrument.” According to him, the best use of time and money is to invest in BTC. 

Saylor added that that time spent by investors analyzing companies, real estate, bond indexes in specific regions is “a waste of time” as once they figure out how things will turn out, they will turn to Bitcoin. 

Once you know how it all ends, the only use of time is, ‘How do I buy more Bitcoin?’ Take all your money. Buy Bitcoin. Then take all your time, figure out how to borrow money to buy more Bitcoin, then take all your time and figure out what you can sell to buy Bitcoin. 

The CEO also reiterated his prediction that Bitcoin’s market value will surpass $100 trillion in the future. On multiple occasions in the past, Saylor has said that the flagship crypto will become a “stabilizing influence” for the global financial system.

MicroStrategy has invested over $2.2 billion in BTC and currently has 91,326 BTC (worth $5 billion) in its treasury. According to a Daily Hodl report, Angelo Robles, a popular Bitcoin bull revealed he sees BTC as the “single most attractive way to use money or time.” 

So the single most accretive way to use money or time is to invest in Bitcoin because you’ve got a once in a lifetime, once in 50 years transformation where all of this $200 trillion of money sitting in analog fiat instruments is being encrypted and converted into a digital instrument which is thermodynamically sound. 

Bitcoin Price Is Expected To Reach These Levels

If Bitcoin price breaks past the $59,000 resistance barrier, it may retest the $60,000-level.

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