Bitcoin analysis for March 30, 2021

Following the chart in the four-hour time frame, we see that Bitcoin has made a break above the falling line of resistance, climbing to the current $ 59,000. It looks like we’re going to test the $ 60,000 level for Bitcoin again. Moving averages are on our bullish side, and based on them, and we can conclude that the continuation of the bullish trend is evident in the coming period. We need a break below the moving average for the bearish trend and a drop below $ 56,000 to make us think about it more seriously.

On the daily time frame, we see a further bullish trend with certain pullbacks to moving averages where it gets support. We also made a break above the smaller resistance line and are now looking at the previous high at $ 61840 as the next more serious target. There are no signs of the bearish trend on the chart at the moment. In the coming period, it is possible to see Bitcoin at $ 70,000 because this bullish impulse has just begun.

Investors will probably be in a state of readiness for new triggers soon, trying to see if there is enough momentum left on the crypto market for another 60 thousand dollars.
The Biden administration said it was working through another stimulus package, which should eventually also keep the momentum of growth in the crypto market. New cash checks for Americans are probably still the biggest positive argument during the tug of war between bulls and bears.

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The index of crypto fear and greed for bitcoins and major cryptocurrencies together with the price reached the local minimum of 54, after which, in full accordance with the price dynamics, it increased and reached the value of 72 at the beginning of the working week, which corresponds to the Greed regime. The index is close to moving to the next phase, which indicates an overheated state.
As originally envisioned, cryptocurrencies act as a reserve monetary instrument in developing economies.