Bitcoin bulls fail to sustain above the $52,000 resistance level. Consequently, BTC/USD price is falling but the bulls are struggling to sustain the price above the psychological price level. Presently, sellers have shorted below the $51,000 and $52,000 resistance zones.
Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000
Following the breakout above the psychological price level on March 3, the bulls failed to sustain the price above the $52,000 resistance zone. Before now the bullish scenario is that if the bulls are successful above the $52,000 resistance level, the market will rally above the $58,000 overhead resistance. The bearish scenario that was earlier anticipated was that the BTC price will fall or the price will be range-bound between $44,000 and $52,000. Bitcoin is falling as bears threaten to break the $50,000 support. The bottom line is that if the bears break the $50,000 support, Bitcoin will further decline to $48,000 support. Meanwhile, Bitcoin is trading at $49,327 at the time of writing.
1 in 5 Investors Don’t Trade in Crypto but Are Likely in Future, by JP Morgan
A survey of more than 3,400 investors representing 1,500 institutions has been carried out by JP Morgan. It was discovered that 11% of respondents that work at firms trade or invest in crypto, while 89% do not. The other firms that don’t trade in cryptocurrency are likely to do so in the future. These include 22% of respondents from firms that do not trade or invest in crypto. Meanwhile, a good number of institutional investors lack faith in cryptocurrency. Out of the survey carried out,14% answered that it’s “probably rat position squared” and something to avoid, while 21% believe crypto is just a temporary fad. Just 7% of investors think it “will become one of the most important assets.” Nevertheless, some analysts believe that sustained institutional buying will keep the BTC price up to $50,000.
Meanwhile, Bitcoin is retracing after failing to sustain above the $52,000 resistance level. On March 3 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Bitcoin will fall to level 2.0 Fibonacci extension. The retracement will reach this low and perhaps resume upward.
Source: Inside Bitcoins
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