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Bitcoin at $59,000: once again close to highs
Bitcoin at $59,000: once again close to highs
Bitcoin

Bitcoin at $59,000: once again close to highs

By Marco Cavicchioli - 31 Mar 2021

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The price of bitcoin is back near its all-time highs

Last Thursday, March 25th, 2021, it had fallen as low as around $50,000, but it bounced back from that support and was already at $52,000 the same day. 

On Friday the 26th it stayed more or less at that level, but by Saturday the 27th it went up again. 

First it climbed up to $55,000, then on Monday 29th, it was back up to $58,000. 

Yesterday, with one last leap, it returned above $59,000

The all-time high for the price of bitcoin was reached on March 13th, when it surpassed $61,000, but the current level is only 3% below that high. Since BTC has become accustomed to daily swings of up to 3%, it could theoretically return to the highs at any moment. 

Bitcoin’s bullrun towards all-time highs

In fact, analyzing the first three months of 2021 shows that the bullrun may not be over yet

The year started with a price below $30,000, with an initial run towards $42,000 ending on January 8th. 

At that point, a full-blown correction was triggered which, with a couple of impulses, brought the price back to $30,000 twice in the last weeks of January. 

But evidently, that correction was unable to stop the bullrun, so much so that a second upswing began in February. In just over three weeks, the price rose from $30,000 to $58,000, and then corrected again at the end of February to a much higher level ($43,000) than at the end of January. 

March also began with a new rise, culminating in an all-time high of more than $61,000 on the 13th of the same month, followed by a new correction at a higher level ($50,000) than the previous month. 

In the first three months of the year, therefore, a similar trend was repeated three times: a rise at the beginning of the month to reach new all-time highs, followed by a correction at the end of the month to higher levels: $30,000 in January, $40,000 in February and $50,000 in March. 

If the trend were to continue in April, we could expect an ascent to new highs, and then perhaps at the end of the month a correction to levels above $50,000. However, there is no evidence to suggest that the trend in April will be similar to the previous months of 2021. 

It is worth noting, however, that a number of analysts argue that the bullrun for the price of bitcoin in 2021 may not be over, and month-end corrections following the achievement of new all-time highs look decidedly “healthy” in a market that otherwise could appear to be in the midst of a bubble. 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 25 thousand subscribers.

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