Bitcoin (BTC) saw its price rise on the 19th. March continued to experience strong resistance at the $60,000 level, while bulls spent the day recovering from a morning drop that briefly pushed BTC into the sub-$56,500 area.

Data from Cointelegraph Markets and TradingView shows that after bitcoin was hit on the 18th. March was rejected at $60,000, the price dropped to a low of $56,268 early Friday morning before buyers returned and helped push the price above $58,500.

4 hour chart BTC/USDT. Source: TradingView

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

Key indicators for the bitcoin price show that despite the difficulty it has had breaking through the $60,000 barrier, top traders are increasingly doing so, as evidenced by the increase in leveraged long positions last week as the BTC trading range tightened.

Globally, signs of adoption continue after Brazil approved the first bitcoin ETF in Latin America. This makes it the fourth ETF to be approved in the Western Hemisphere, following three recent ETF launches in Canada.

Thebulls want to move $60,000 from resistance to support at.

Chad Steinglass, head of cryptocurrency capital markets trading at CrossTower, recently discussed the pressure bitcoin has encountered at the $60,000 mark, noting that the leading cryptocurrency encounters at least some resistance on its way up at every turn of the numbers, and once the resistance level is broken, it then becomes support.

According to Steinglass, it will take a few moves to break through the $60,000 mark with authority, but the recent strength bitcoin has shown in the face of difficult macroeconomic reversals is no reason to stop the bullish momentum.

Steinglass identified the $57,000 to $58,000 zone as a new support level that should hold until an unexpected event breaks that level, such as further lock-in or a significant move in U.S. Treasuries.

Steinglass said:

The relationship between the dollar and the treasury has turned 180 degrees as history has quickly shifted to risk and flight to quality rather than growth and inflation, so the treasury and the dollar are rising as all risky assets are sold off.

Traditional markets end the week with a loss

Rising interest rates on U.S. Treasuries continue to weigh on global financial markets, which ended mixed on Friday as traders expressed concern that rapidly rising inflation could hamper the economic recovery and lead to a change in the Federal Reserve’s ultra-competitive monetary policy in the near term.

The S&P 500 and Dow could not overcome the initial market pressure and closed the day down 0.06% and 0.71%, respectively, while the NASDAQ resisted the downward move early and closed the day up 0.76%.

Several algorithms posted double-digit gains on Friday, suggesting that the overall bullish trend in the crypto-currency market remains unchanged.

Daily indicators for the crypto-currency market. Source : coin360

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

Uniswap (UNI) was in the top 10, rising 11.5% to $33.50, while Pundi X (NPXS) exploded 50% to an intraday high of $0.0055.

Altcoin Ether (ETH) continues to experience resistance above $1,800, and data suggests that bulls will continue to push until $1.15 billion of ETH options expire on the 26th. Mars could wait to show his strength again.

Daily chartBTC/USD. Source : coin360

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

The total capitalization of the cryptocurrency market is currently $1.803 trillion, with bitcoin dominating at 60.5%.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph.com. Every investment and every transaction involves risk. You should do your own research before making a decision.

frequently asked questions

Why has the price of bitcoins dropped so much?

1. Funding Stress. … So there was always the risk of a funding reset. According to data source Coinalyze, the price drop has so far eliminated more than $300 million in bitcoin longs – about 30 percent of the total $1.33 billion in liquid longs in the crypto market.

Will Ethereum reach 1000 again?

At the time, Ethereum exploded to over $1,400 per ETH as demand for the asset, fueled by the ICO boom, drove the value skyward. However, one crypto analyst says the price of Ethereum will never again approach $1,000, even if Bitcoin ever reaches $50,000 or more per BTC.

How do I get my Bitcoin money back?

A bitcoin transaction cannot be reversed, it can only be refunded by the person who received the money. This means that you should try to do business with people and organizations that you know and trust, or that have an established reputation.

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