Bitcoin (BTC) Price Prediction: BTC/USD Retests $60,000 Psychological Price Level but Unable To Sustain the Bullish Momentum

Bitcoin (BTC) Price Prediction – April 2, 2021
On March 30, BTC/USD reclaimed the $58,000 support after much struggle. Buyers were able to hold the support for two days as the BTC price rebounded to break the $60,000 psychological price level. The bottom line is that can the bulls sustain the current bullish momentum above the $60,000 high?

Resistance Levels: $58,000, $59,000, $60,000
Support Levels: $40,000, $39,000, $38,000

BTC/USD – Daily Chart

Following the breaking of the $60,000 resistance and the subsequent pullback, Bitcoin has found support above the $58,000 high. For the past three days, the support has been holding. Bitcoin will resume upside momentum if bulls defend the current support level. Today, buyers have broken above the $60,000 support but are yet to sustain the bullish momentum above it. However, Bitcoin is likely to face resistance at the $61,693 high. Bitcoin will rally above $70,000 high if the $62000 resistance is cleared. However, BTC price is approaching the 80% range of the daily stochastic. That is, BTC price is now in the overbought region of the market. Therefore, Bitcoin expected rally is doubtful.

South Korean Government Makes $10.5 Million Profit from Bitcoin Crime Haul
The South Korean government confiscated Bitcoin from a criminal in 2017 while it was in cold storage for four years. Following the seizure of Bitcoin, South Korean prosecutors have finally sold Bitcoin which is worth $10.5 million more than it was at the time of the arrest. The proceeds have been deposited in the coffers of the country’s national treasury. According to Suwon District Prosecutors Office, this will be the first time confiscated Bitcoin has been sold by authorities. At the time of arrest, Bitcoin was worth $238,000 but was valued at $10.8 million four years later. This is an increase of 4,400% in four years.

BTC/USD – Daily Chart

BTC price is now fluctuating below and above the $60,000 psychological price level. Buyers have not broken above the $60,000 resistance as price approaches the overbought region. The price indicator has indicated an upward movement of the coin. On March 15, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that Bitcoin will rise to level 1.618 Fibonacci extension or the high of $71.047.50.

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