Forex and Crypto News

Bitcoin price could drop to 49,000

18:23 24 March /2021

Today, after Tesla announced that it would sell its electric cars for BTC, the price of Bitcoin jumped to a high of $57207.

Despite this, volatility remains at the December level. Technical analysis says the levels of $57000 and $58250 are the key levels for Bitcoin right now.

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If the BTC/USD trades below these values, then we may see a decline towards $49000. If the BTC/USD consolidates around $58250, we will see a positive trend prevail.

Analysts expect volatility to pick up this week. According to Skew, the 117,000 BTC options expire on March 26.

When opening orders, traders made a forecast for a price decrease to the $44000 area. Such a drop is unlikely, but analysts point out that the higher the open interest in bitcoin options, the more pressure is expected on the price of the underlying asset. After March 26, we will see a decrease in pressure on the price of Bitcoin, but the risks of a pullback to $49000 remain.

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This week, the price of bitcoin has already dropped below $54000 and there were fears among traders that the price could drop to the area of $50000.

BTC was able to rebound today on the positive news background, but the chances of a breakout are still minimal.

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