The report explained that, with Bitcoin’s price currently trading at $5,267.99 according to Coinmarketcap data, an initial resistance is found near the $5,600 resistance for the major cryptocurrency.
Once Bitcoin’s price hits above the $5,600 resistance, it will possibly continue to rise towards the $5,980 and $6,000 resistance levels.
However, NewsBTC also reported that Bitcoin will continue to decline if it fails to reach above the $5,350 resistance and the 100 hourly SMA. An initial support will then be found in the $5,050 and $5,000 levels.
Bitcoin’s price briefly dropped to $3,700 on March 12 but rose to $4,970 at the end of the day.
Cointelegraph noted that traders can look at four Bitcoin price and network metrics that can help give insight into the future of Bitcoin.
The metrics include the stock-to-flow model, the Bitcoin NVT-Signal, hash rate, and difficulty.