FX.co ★ Technical analysis of Bitcoin/USD for March 1, 2021

Bitcoin peaked at 58,354 in late February. After the downward correction to 43,02, it may resume the underlying uptrend above the former high of 58,354 for a continuation higher towards 63,085 as the next extension target.

Support is now seen at 44,918/43,021 and key support is seen at 42,000. As long as minor resistance at 48,476 is able to cap the upside, we could see renewed downside pressure closer to the key-support at 42,000, but it isnot a necessity.

Trading recommendation:

Buy Bitcoin as close to 42,000 as possible or buy a break above 48,476