Bullishness for Bitcoin continues despite its struggle to reclaim $60,000

Bitcoin (BTC) continued to face sturdy resistance on the $60,000 stage on March 19 as bulls spent the day climbing again from an early morning drop which briefly pushed BTC into the sub-$56,500 vary.

Data from Cointelegraph Markets and TradingView exhibits that after being rejected on the $60,000 stage on March 18, the worth of Bitcoin hit a low of $56,268 within the early hours on Friday earlier than dip patrons returned to assist raise the worth again above $58,500.

BTC/USDT 4-hour chart. Source: TradingView

Key Bitcoin worth metrics present that despite the struggles confronted so as to breakout previous $60,000, top-traders are rising more and more bullish as evidenced by an uptick in leveraged long positions over the previous week because the BTC buying and selling vary grew tighter.

Global indicators of adoption proceed to emerge as the primary Bitcoin ETF in Latin America was approved in Brazil, making it the fourth ETF to be authorised within the western hemisphere following three just lately launched ETFs in Canada.

Bulls look to flip $60,000 from resistance to assist

Chad Steinglass, head of buying and selling at crypto capital markets agency CrossTower just lately mentioned the pressures Bitcoin confronted on the $60,000 stage and identified that the highest cryptocurrency has confronted “at least some resistance at every round number on the way up,” and that after a resistance stage is surpassed, it then turns into assist.

According to Steinglass, “it will take a bit of chipping away to break through $60,000 with any kind of authority,” however the current power displayed by Bitcoin “in the face of stiff macro headwinds” signifies no motive for the bullish momentum to cease.

Steinglass recognized the $57,000 to $58,000 vary as the brand new assist stage which ought to maintain “as long as some unexpected event doesn’t derail it,” akin to new lockdown measures or a big transfer in US Treasuries.

Steinglass mentioned:

“The relationship between the dollar and treasuries has flipped 180 degrees as the story has quickly become risk-off and flight to quality instead of growth and inflation, so treasuries and dollar are both ticking higher as all risk assets are selling off.”

Traditional markets ends the week blended

Rising rates of interest for U.S. Treasuries proceed to put strain on the worldwide monetary markets which ended Friday’s buying and selling session blended as merchants start to fear about the opportunity of a speedy rise in inflation hindering the financial restoration and causing a “near-term shift in the Federal Reserve’s ultra-accommodative monetary policy.”

The S&P 500 and Dow have been unable to overcome early pressures out there and closed the day down 0.06% and 0.71% respectively whereas the NASDAQ displayed early power towards the downturn and managed to shut the day up 0.76%.

Multiple altcoins skilled double-digit beneficial properties on Friday exhibiting that the general uptrend for the cryptocurrency market stays intact.

Daily cryptocurrency market efficiency. Source: Coin360

Uniswap (UNI) has been the very best performing top-10 coin, growing 11.5% to a worth of $33.50 whereas Pundi X (NPXS) noticed its worth explode 50% increased to an intraday excessive of $0.0055.

The prime altcoin Ether (ETH) continues to face resistance above $1,800 with information indicating that bulls could wait till the $1.15 billion worth of ETH options expire on March 26 for them to placed on a brand new present of pressure.

BTC/USD each day chart. Source: Coin360

The total cryptocurrency market cap now stands at $1.803 trillion and Bitcoin’s dominance price is 60.5%.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer entails danger, you need to conduct your personal analysis when making a call.