Bitcoin (BTC) Price Prediction: BTC/USD Struggles Above the $50,000 Psychological Price Level, May Slump To $48,542 Low
Bitcoin (BTC) Price Prediction – March 26, 2021
On March 24, Bitcoin retested the $57,000 resistance level as the BTC price fell to the $50,350 support. The king coin corrected upward and it is consolidating above the $51,000 support. However, if this current support level is breached, BTC /USD will fall into a deeper correction.
Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000
Following its recent fall to $50,350 low on March 25, the bears could not capitalize on the weakness of Bitcoin to sink Bitcoin below the $50,000 psychological price level. This is because there is strong buying pressure at the lower price level. Buyers have bought the dips as Bitcoin holds above the psychological price level. A retest at the $57,000 is possible if buyers can push the price above the $54,000 support. This will propel price to resume an upward move. Nonetheless, if the bulls can reclaim the $58,000 support, the BTC price will resume upside momentum. However, if the bulls fail to move up above the $50,350 support, the bears will break the current support. This will cause Bitcoin to fall to $48,542 low. Meanwhile, the BTC price is trading at $51,654 at the time of writing.
New Zealand Allocates 5% of Its Retirement Fund to Bitcoin
The New Zealand adoption of BTC is an example of Institutional uptake of BTC. The KiwiSaver Growth Strategy is a $350 million retirement plan operated by New Zealand Wealth Funds Management. It has allocated 5% of its assets to Bitcoin. According to James Grigor, the chief investment officer at New Zealand Funds Management, he stated: “If you are happy to invest in gold, you can’t discount bitcoin,” he told Stuff, a New Zealand news agency, adding that BTC will be featured in more KiwiSaver products over the next five years”. He gave an example that the Firm bought Bitcoin for the first time when it was valued at $10,000. Nonetheless, the recent development has made New Zealand Fund Management modify its offer documents to allow for cryptocurrency investments.
Bitcoin price has fallen to $50,350 low after its rejection from the $60,000. The coin is consolidating above the $51,000 support after the bulls buy the dips. However, the Fibonacci tool has indicated a further decline if the current support is breached. The bears are attempting to break the $54,000 support. On March 25 downtrend; BTC price fell to $50.350 support. A retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that BTC is likely to fall to level 1.272 Fibonacci extension or the low of $48,542.90.