Bitcoin (BTC) challenged levels in the range of 10% from an all-time high on March 10, when the strength of the US dollar failed to influence the upside.
Resistance $ 56,000 – Bitcoin’s next price barrier
Data from Cointelegraph and TradingView markets track a comeback after the overnight correction of BTC / USD on March 10, when the pair was targeting $ 55,000.
After reaching a two-week high of $ 54,500 the day before, Bitcoin improved its performance to $ 55,700 before hitting a strong resistance bar and the price plummeted.
The latest recovery confirms the newly discovered strength of this month’s largest cryptocurrency, which continues to keep it within reach of historic highs of $ 58,300.
“I totally abandon the $ 56,000 site for # Bitcoin. So far so good,” Cointelegraph Markets analyst Michael Van de Bobby commented on yesterday’s action on Twitter.
“If the $ 52,000 range continues, we could see more sideways activity and a renewed test at $ 56,000. Nevertheless, it is important to hold $ 52,000 again to avoid further downside movement.”
At the time of writing, there was little evidence that a new $ 52,000 lawsuit is imminent, with fraudsters indicating that more institutional investors are entering the race to accept Bitcoin. This time it was the US housing guarantees that matched the Gemini Investment Exchange.
Gemini co-founder Tyler Winklevoss replied, “Another company has decided to include Bitcoin on its balance sheet.”
Order history data from Binance, the largest exchange by volume, shows sellers are lining up to $ 56,000 and above, with strong support available under $ 49,000.
DXY Growth removes new Bitcoin vulnerabilities
Elsewhere, the month of March continued to generate an interesting counter trend for bitcoin traders as the US dollar turned into a pegged asset from a reverse correlation.
As Cointelegraph has often reported, the US dollar index (DXY) tends to put downward pressure on Bitcoin because it strengthens quickly, and vice versa as well. While this has been a major feature of the market outlook until 2020, the strength of the phenomenon has begun to wane this year.
Over the past two weeks, both DXY and BTC / USD have won.