Bitcoin (BTC) Price Forecast for March 24: Key Resistance Levels Identified
Bitcoin’s price has risen by 3.12% in the last 24 hours, currently trading at $87,814. Key resistance levels are $87,898 and $86,990. A closure above these levels may facilitate a move toward $90,000. Traders should anticipate possible sideways trading between $85,000 and $90,000 before further upward movement can occur.
As we commence a new week, market analysis indicates a bullish sentiment in Bitcoin’s performance. The cryptocurrency has seen a notable increase of 3.12% in the last 24 hours, with the current trading price situated at $87,814. According to CoinMarketCap, Bitcoin’s price is approaching the local resistance of $87,898, which, if surpassed, may lead to a potential upward trend towards the $90,000 zone.
In the analysis of broader market conditions, traders should observe the daily candle closure in relation to the $86,990 threshold. A closing above this price, especially without a long wick, could signal sufficient upward momentum for Bitcoin to reach between $90,000 and $92,000.
From a midterm perspective, Bitcoin’s price action reflects a rise following the closure of a previous bullish candle. However, to sustain this upward trajectory, market participants may require additional time for further consolidation. Consequently, a sideways trading range between $85,000 and $90,000 appears to be the most plausible outcome moving forward.
In summary, Bitcoin’s current bullish momentum positions it to potentially test significant resistance levels. Should it close above $86,990, traders could anticipate movements toward the $90,000 range. However, consolidation in the $85,000-$90,000 area may be necessary for sustained upward potential, highlighting the need for careful market analysis and strategy formulation at this juncture.
Original Source: u.today
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