Market Summary 18/03: Bitcoin Aims to Retest $60k, Trades above $58k

News • 2021/03/17 • by

Daily insight into happenings in the cryptocurrency market every day examining, including the prices of bitcoin and ethereum, and some of the other altcoins.

Bitcoin News

Bitcoin began a new upward trend yesterday. BTC overcame numerous obstacles near $57,000 and $58,000 to enter the positive zone.

On the hourly chart of the BTC/USD pair, there was a break above a significant bearish trend line with resistance close to $57,500. The pair also broke through the 61.8 percent Fib retracement stage of the primary decline from $61,695 to $53,220.

![image](https://s3.remitano.com/uploads/markdown_image/attachment/1279/image.png
It opened the doors for more gains, and the price even climbed above $59,000. A high formed near $59,623, and the price traded well above the $58,000 resistance. It is trading above $57,000.

On its climb upside, the price will face resistance close to the $58,000 level. The next critical resistance is close to the $59,000 and $60,000 level. An explicit close above the $60,000 level could open the doors for a more considerable increase towards $61,500 in immediate time.

Famous trader Peter Brandt and on-chain analyst Plan B have predicted bullish indicators for bitcoin. The former says that bitcoin is in an orderly bull run while PlanB predicts that bitcoin won't stop at $100,000.

Ethereum News

Ethereum is rising, and it broke the key $1,800 resistance against the USD, forming a support base above the $1,750 and $1,760 levels.
The price traded well above the $1,800 zone and the 100 hourly simple moving average.

There was a break above a significant bearish trend line with resistance near $1,780 on the hourly chart of ETH/USD. The pair could start a substantial increase once it clears the $1,850 resistance zone.
ETH price is showing positive signs, and it is likely to continue higher towards $2,000.