Bitcoin price is trying to maintain its momentum amid a fight to regain the $ 60,000 mark
Bitcoin price is struggling to get back to the $ 60,000 mark as rising US Treasury rates continue to cause havoc in global financial markets.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price today: The uptrend continues despite struggling to regain the $ 60,000 mark
Bitcoin continued to face stiff resistance at $ 60,000 yesterday as the bulls spent the day bouncing back from the early morning drop, which pushed BTC into a range below $ 56,500. in a short time.
After being rejected at $ 60,000 on March 18, Bitcoin’s price hit a low of $ 56,268 in the early hours of Friday before buyers returned to help lift the price back above $ 58,500.
Key figures on Bitcoin price show that despite struggles to get past $ 60,000, top traders are increasingly bullish as evidenced by the proliferation of long positions. leverage over the past week as the BTC trading range gets tighter. Signs of global adoption continued 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.
Chad Steinglass, head of trading at crypto capital market firm CrossTower recently discussed the pressures Bitcoin faces at $ 60,000.
As Steinglass said:
“It will take some time to get past $ 60,000 but the recent strength shown by Bitcoin in the face of strong macro winds shows no reason for the bulls to stop.”
The $ 57,000 to $ 58,000 range is the new level of support Bitcoin needs to hold.
Rising interest rates on the US Treasury continue to put pressure on global financial markets, which ended Friday’s session mixed as traders began to worry about the possibility of rapid inflation. hampering economic recovery and causing the short-term change in the Reserve’s extremely consistent Federal Monetary Policy.
Top altcoins Ether (ETH) continues to face resistance above $ 1,800 with data showing that bulls can wait until the $ 1.15 billion worth of ETH options run out. March 26th for them to give a new performance.
The overall crypto market cap represents $ 1.82 trillion and Bitcoin’s dominance rate is 60.5%.
Read more:
- The United States Securities And Exchange Commission Has Put The VanEck Bitcoin ETF Proposal For Discussion
- Only Takes In-Flows Of Just $93 Million To Move Bitcoin Price By 1%