The bulls of Bitcoin are now trying to remove the crucial resistance level overhead in order to make a road that will soon take Bitcoin price to a whopping $55,000.
In addition, Bitcoin price has broken through the resistance level of $50,000 recently at the time of the initial trading time on 3rd March. This was when the bulls geared their momentum, as well as most of the altcoins, also joined the ongoing bullish rally while the day moved on to see more growth.
Bitcoin Price Looking To Build Momentum
According to the reports of TradingView Markets, it is evident that the Bitcoin price had been $48,500 during the early trading hours of 3rd March after BTC spiked by 8.6% in order to hit a $52,631 intraday high.
At the present moment, Bitcoin prices have traded a little less than $51,000, indicating that the $50,000 mark might be the soft support. Additionally, the regular close of over 23.6% of Fibonacci retracement is required to consolidate that this bullish turnaround has now occurred.
CryptoQuant has made an on-chain analysis that suggests BTC whales perpetually purchasing the declined to less than $50,000. Ki Young-Ju, CEO of CryptoQuant, believes that institutional purchase is happening with the support of $48,000.
The mainstream adoption of BTC has been continuously occurring in Canada since Ninepoint Partners have recently announced their plans of changing their BTC trust offering in place of the exchange-traded fund of Toronto Stock-Exchange for the increase in trading liquidity along with an improved trading price.
With the increase in BTC price, Ethereum gained by 8%, reaching $1,610 intraday high while Cosmos rallied 15.7% and hit $21.8.
The entire cryptocurrency sector has a $1.55 trillion market cap with a 61% dominance rate of BTC.