Bitcoin (BTC) continued to encounter strong resistance at the $ 60,000 level on March 19 as the bulls spent the day climbing back from an early morning decline that briefly pushed BTC below $ 56,500.
Data from Cointelegraph Markets and TradingView show that after being rejected at the $ 60,000 level on March 18, the price of Bitcoin hit a low of $ 56,268 in the early hours of Friday on Friday before the dip buyers returned to the price again raise above $ 58,500.
Key Bitcoin price metrics show that despite the difficulty of breaking above $ 60,000, top traders are becoming increasingly bullish, as evidenced by a surge in leveraged long positions last week as the BTC trading range tightened.
Global signs of a takeover continue to emerge as the first bitcoin ETF in Latin America was approved in Brazil. This makes it the fourth ETF approved in the Western Hemisphere after three recently launched ETFs in Canada.
Bulls are trying to flip $ 60,000 from resistance to support
Chad Steinglass, head of trading at CrossTower, a cryptocapital markets company, recently discussed the pressures Bitcoin has been facing at the $ 60,000 level, pointing out that the top cryptocurrency is “on the way up for everyone.” round number was exposed to at least some resistance “The resistance level is exceeded, it is then used as a support.
According to Steinglass, “it will take a little time to breach $ 60,000 with any kind of authority,” but Bitcoin’s recent strength “in the face of strong macroeconomic headwinds” shows no reason why the bullish momentum is stopping.
Steinglass identified the $ 57,000 to $ 58,000 range as the new level of support “as long as an unexpected event doesn’t derail it,” such as a new lockdown or a major move on US Treasuries.
Stone glass said:
“The relationship between the dollar and government bonds has flipped 180 degrees as history quickly turned into a risk and escape to quality rather than growth and inflation. Hence, government bonds and the dollar are both rising as all Risk assets are sold. “
Traditional markets end the week mixed
Rising US Treasury bond rates continue to put pressure on global financial markets, which ended Friday’s trading session inconsistently as traders worry about the possibility of a rapid spike in inflation hindering economic recovery and a “short-term federal shift.” “Caused the extremely accommodative monetary policy of the reserve. “
The S&P 500 and Dow were unable to overcome early market pressures and ended the day down 0.06% and 0.71% respectively, while the NASDAQ showed early strength against the downturn and closed the day down 0.76%.
Several altcoins posted double-digit gains on Friday, showing that the general uptrend for the cryptocurrency market remains intact.
Uniswap (UNI) was the top 10 best performing coin, rising 11.5% to a price of $ 33.50, while Pundi X (NPXS) was priced 50% to an intraday high of 0 , 0055 USD exploded.
The top altcoin ether (ETH) continues to encounter resistance above $ 1,800. Data suggests that bulls may wait for the $ 1.15 billion worth of ETH options to expire on March 26 so they can make another show of force.
The market cap for cryptocurrencies is now at $ 1.803 trillion, and the dominance rate of Bitcoin is 60.5%.
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