Bitcoins Remains Bullish Despite Resistance at $60K Mark

Though Bitcoin is consistently maintaining its uptrend since February, yet it is majorly struggling at one point, and that is the $60,000 mark. Despite repeated attempts, Bitcoin’s value is not able to cross beyond $60K. According to experts, there is a massive resistance that Bitcoin is facing near $61,000, but it is also getting strong support at $58,000. This is why Bitcoin’s price is somewhere dwindling between these two marks over the past few days.

As per the relative strength index (RSI) on a four-hour chart, BTC is now at a stage where it is overbought due to the massive institutional adoption in recent times. This year, Bitcoin’s adoption has intensified as it is being embraced by corporate giants and institutions like never before. Thus, Bitcoin is slowly making an entry into the mainstream market. Large groups have started incorporating Bitcoin as a payment method. These include PayPal, Visa, and many more. Tesla, MicroStrategy, Square, and others have not only acquired Bitcoins but are also holding them up as a hedge or store of value assets. The recent organization to join the bandwagon is the 100-year-old TIME Magazine. Instead of buying Bitcoins, TIME Magazine will create an educational video series on cryptocurrencies in association with Grayscale. The video will be released this summer. TIME Magazine and TIME’s CEO, Keith Grossman, will be paid in Bitcoins. Further, TIME will continue holding the Bitcoin asset on its balance sheet.

In another major announcement, MicroStrategy tweeted that they will henceforth pay their board of directors in Bitcoins. MicroStrategy has incorporated Bitcoins into many levels starting from initial treasury conversion, debt offerings to purchase Bitcoins, ongoing cash flow conversion, etc., as an informational resource, and now in the form of a board of directors payment. In an SEC filing, MicroStrategy stated that they would pay non-employee board of directors in Bitcoin instead of cash for all their services. Further, the filing elaborated that as per this new arrangement, the directors’ payment on the Company’s board would be processed in USD. However, when releasing the payment, it would be converted from USD to Bitcoin with the help of a payment processor. Only after the conversion, the Bitcoin payment will be deposited to the digital wallets of the non-employee directors.

Under the impact of all these recent developments happening around Bitcoins, price analysts make various kinds of price predictions for Bitcoins. According to Bloomberg & Bitcoin Future, Bitcoin’s price is supposed to skyrocket by the end of 2021. At the end of the fourth quarter of 2021, Bloomberg’s April edition of the “Crypto Outlook” report claims that Bitcoin’s price will hit $400,000. Bloomberg has made these price predictions based upon some hard data analysis apart from considering several other factors like Bitcoin’s price history, Bitcoin halving event, liquidity, volatility, corporate investment, and adoption. The mass adoption of Bitcoins and its price surge is due to the outbreak of the COVID-19 pandemic. The pandemic has changed the world’s view about the digital asset industry.

According to the speculation and Bitcoin prediction of other price analysts and industry experts, Bitcoin’s price may rise to $60,000 by May 2021. In June 2021, Bitcoin will expectedly remain bullish and grow by another 16%, thereby surpassing the price mark of $71,912. The third quarter of the year can also show promising growth for Bitcoin whereby its price may rise to a final point of $108,542.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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