Bitcoin (BTC) continued to face strong resistance at $ 60,000 on March 19 as the bulls spent the day correcting their early morning slide that pushed BTC below $ 56,500 for a short period.
Data from Cointelegraph Markets and TradingView shows that after the Bitcoin price was rejected at $ 60,000 on March 18th, Bitcoin price reached as low as $ 56,268 in the early hours of Friday before buyers returned to raise the price, which came back over $ 58,500.
Important calculations of Bitcoin price show that despite the struggle to break above $ 60K, the top traders are getting stronger, as evidenced by the increase in long positions taken over the past week as Bitcoin’s trading area narrowed.
Global adoption signs continue 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.
The bulls appear to be turning $ 60K from resistance to support.
Chad Stinglas, chief trading officer at cryptocurrency market company CrossTower, recently discussed the pressures Bitcoin is facing at the $ 60,000 level, noting that the leading cryptocurrency faces “at least some resistance in every round of the upside” and the level of resistance. Support exceeded.
According to Steinglass, “It will take some courage to break through the $ 60,000 with some sort of force,” but the recent strength that Bitcoin showed “in the face of the big headwinds” does not indicate the cause of the bullish momentum to the end.
Steinglass identified the $ 57,000 to $ 58,000 line as a new support level that will continue “until an unexpected event follows”, such as new closing measures or a major change in US Treasuries.
“The relationship between the dollar and the Treasury turned 180 degrees as history quickly became risk-free and focused on quality rather than growth and inflation, so both Treasuries and the dollar are rising as all the risk money is sold.”
The traditional markets end the week in different directions
Rising US bond yields continue to put pressure on global financial markets, which mysteriously ended Friday’s trading session, as traders began to worry about the possibility of rapid inflation, hampering the economic recovery and causing “short-term shifts in the far-right Fed.” Adaptive monetary policy. ” ”
The S&P 500 and Dow were unable to overcome early market pressures and closed the day 0.06% and 0.71% lower, respectively, while the Nasdaq showed early strength against deflation and managed to close the day with 0.76% gains.
Several cryptocurrencies reported double-digit gains on Friday and showed that the overall growth of the cryptocurrency market remained unchanged.
Uniswap (UNI) entered the top ten, rising 11.5% to $ 33.50, while Pundi X (NPXS) climbed 50% to an intraday high of $ 0.0055.
Altcoin Upper Ether (ETH) continues to face resistance above $ 1,800, and data shows that the bulls can wait for the $ 1.15 billion ETH options to expire on March 26 to show renewed strength.