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 the morning on Friday before the dip buyers returned to the price again raise above $ 58,500.
Key Bitcoin price metrics show that, despite the struggles for $ 60,000, top traders are becoming increasingly optimistic. This can be seen in an increase in leveraged long positions over the past week as the BTC trading range tightened.
Global signs of adoption 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 Crypto Capital Markets, CrossTower, recently discussed the pressures Bitcoin was under at the $ 60,000 level, noting that the top cryptocurrency is “at least every round number along the way upwards was exposed to at least a certain resistance “The resistance level is exceeded, it then becomes a support.
According to Steinglass, “it will take a little time to break through $ 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 that should apply “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 managed to close 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 best performing top 10 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 $ 1.803 trillion, and the dominance rate of Bitcoin is 60.5%.
The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading step is associated with risks. You should do your own research when making a decision.