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

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

Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded and the Facebook group" Bitcoin Italia (open and without scam) ".

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