Bitcoin (BTC) continued to face strong resistance at $ 60,000 on March 19, as bulls spent the day recovering from an early morning drop that pushed BTC into a range below $ 56,500 for a short period.
Data from Cointelegraph Markets and TradingView shows that after being rejected at $ 60K on March 18th, bitcoin price reached as low as $ 56,268 in the early hours of Friday before buyers returned to raise the price again. More than $ 58,500 USD.
Important calculations of bitcoin price show that despite the struggle to break above $ 60K, the top traders are getting stronger, as evidenced by the increase in long positions taken over the past week as the bitcoin trading area narrowed.
Global adoption signs continue to emerge as the first Bitcoin ETF in Latin America was approved in Brazil, making it the fourth ETF approved in the Western Hemisphere after three ETFs recently launched in Canada.
Bulls seem to be turning $ 60,000 from resistance to support
Chad Stinglas, chief trading officer at cryptocurrency market company CrossTower, recently discussed the pressure Bitcoin faced at the $ 60,000 level, noting that the best cryptocurrency meets “at least some resistance at every stage of the bullish move,” that day. , The resistance level has been crossed, then there will be support.
According to Steinglass, “It would take a lot of courage to break through the $ 60,000 with some kind of force,” but the recent strength that Bitcoin showed “in the face of the big headwinds” does not indicate a reason for stopping the bullish momentum.
Steinglass identified the $ 57,000 to $ 58,000 line as a new support level that will continue “until an unexpected event follows”, as new restrictions or a significant move in US Treasury bonds.
“The relationship between the dollar and the Treasury turned 180 degrees as history quickly became risk-free and focused on quality rather than growth and inflation, so both Treasuries and the dollar are rising as all the risk money is sold.”
The traditional markets end the week in different directions
Rising US bond yields continue to put pressure on global financial markets, which ended the mixed trading session on Friday, as traders began to worry about the possibility of a rapid rise in inflation, impeding the economic recovery and causing “short-term shifts in the long run.” . Adaptive monetary policy.
The S&P 500 and Dow indices failed to overcome early market pressures and closed the day 0.06% and 0.71% lower, respectively, while the Nasdaq showed early strength against deflation and managed to close the day with 0.76% gains.
Several cryptocurrencies reported double-digit gains on Friday and showed that the overall growth of the cryptocurrency market remained unchanged.
Uniswap (UNI) entered the top ten, rising 11.5% to $ 33.50, while Pundi X (NPXS) climbed 50% to an intraday high of $ 0.0055.
Altcoin Upper Ether (ETH) continues to face resistance above $ 1,800, and data shows that the bulls may wait until the $ 1.15 billion ETH options expire on March 26 to show renewed strength.
The total market cap of the cryptocurrency is now $ 1.803 trillion, and Bitcoin’s dominance is 60.5%.