Bitcoin is currently trading at a price level of $ 51,000 and is ready for a boom or bust.
Bitcoin is currently trading at its lowest level since March 1, as it traded at the high end of $ 49,000 for the most part in the March first quarter.
Inappropriately enough, given Elon Musk’s Tesla, the coin should be on an uptrend announced only yesterday that Bitcoin could now be used to buy a Tesla. On the contrary, since the billionaire announced the news through a tweet, Bitcoin has fallen by around 6% and since yesterday (within 24 hours) it has fallen by 10%.
You can now buy a Tesla with Bitcoin
– Elon Musk (@elonmusk) March 24, 2021
BTC is currently dealing with a resistance point of 51,500 and will bet on the support level of 50,500. While the decline doesn’t seem extremely critical, it does have some meaning as it could have both ends from here.
If the coin is mimicking its previous trends, there is a reasonable likelihood that it could shoot up over the next few days and stay in its previous position. If so, the first quarter of April could be a boom period for the coin.
While the possibility of a possible decline cannot be ignored according to our technical analysis, in the worst case scenario it should not fall further than the 48,000 price level.
After all, in the long run, one single factor that would surely play a pivotal role in BTC’s growth and overall customization is institutional support. As BTC continues to receive more institutional support from the market, not only will its value increase, but it will pave the way for BTC to adapt across the board.
At press time, BTC is trading at $ 51,296, down 10% over the past 24 hours.