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Tuesday, June 28, 2022

Bitcoin Bull Run Continues But Struggles To Regain $60K

The bullish rally is still continuing for Bitcoin while it is trying to reclaim the resistance level of $60,000. On the other hand, the yield of the US Treasury is increasing and this is creating a huge problem in the financial markets on a global level.

Bitcoin is continuously being faced with strong resistance as it tried to touch the $60,000 mark on 19th March. Simultaneously the bulls are attempting to rise back from their decline that happened early in the morning that briefly pushed it towards the $56,500 level.

Bitcoin On A Journey To Reclaim $60K Value

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According to the data of TradingView, it is seen that after Bitcoin was rejected at the level of $60,000 on 18th March, the BTC prices declined to a low of $56,268 in the early trading hours. Soon after the dip buyers made a return in order to help the spike the price more than $58,500.

The crucial metrics of Bitcoin price reveal that even though they are facing struggles to exceed the $60,000 mark, the leading traders are increasingly growing bullish. This is evident in the uptick in the long leverage positions during the last week when the range of BTC trading grew tighter.

Chad Steinglass, chair of CrossTower firm which is a cryptocurrency capital market, recently informed about the pressures faced by BTC at the $60,000 resistance level. He also stated that the leading cryptocurrency faced issues at every significant resistance level but surpassed them and made them into support levels.

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Steinglass believes the range between $57,000 and $58,000 is the new level of support and will hold it as the US is entering another lockdown period.

The market capitalization of the entire crypto market is present at $1.803 trillion while BTC holds a 60.5% dominance rate.

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