Bitcoin fails to surpass the $60,000 level, correcting down to $57,000…what’s the next step?
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Answer Bitcoin fails to surpass the $60,000 level, correcting down to $57,000…what’s the next step?
Bitcoin appears to have resumed the uptrend, but once the speculators encountered the stubborn resistance line at $60,000, the price of the coin dropped below $57,000.
Bitcoin has had a hard time.
The fight between the bulls and the bears was fierce, but in the end, the bears managed to push prices lower again, leading to a Bitcoin correction of about 4% in the last 48 hours.
Bitcoin bulls started the week on a high after several positive announcements that sparked optimism among investors.
As the first distributions of stimulus funds began to reach Americans’ homes, the global company “Meitu” announced the purchase of Bitcoin and Ethereum worth $50 million.
Read:Why did the Shiba Inu cryptocurrency not rise despite its inclusion on the eToro platform?
The above-mentioned positive news helped Bitcoin rise and rebound from the decline it suffered between March 12th and March 16th,
Bitcoin has fallen more than 13% of its value and was perilously close to the $50,000 support.
But Bitcoin recovered from the decline, and gave a solid green candle on March 17th, giving hope to the bulls.
Bitcoin then rose quickly and reached $59,700 yesterday, March 18, according to the “Bitcoin” website.coinmarketcap“.
However, he was unable to continue towards breaking the $60,000 resistance.
Round Numbers: The Silent Enemy
The $60,000 resistance proved to be a strong opponent to beat.
The bulls managed to push the price up to $60,083 on Binance, and from there, the decline started.
Within 3 hours, Bitcoin saw a drop to the $57,000 level.
At first glance, the drop appears to be more psychological than technical.
During the price discovery stage, round numbers always become barriers that the markets keep a close eye on.
Many buy and sell orders are set at these price points.
Furthermore, it appears that Bitcoin has specifically rebounded in an area that could signal a change of trend to the downside.
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It seems history is repeating itself.
Since breaking the 2017 high in late December 2020, Bitcoin has had 3 strong bullish impulses of similar proportions, as shown in the chart below.
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In other words, from a charting point of view, prices rise with exactly the same acceleration after experiencing sharp corrections.
This may indicate an optimistic long-term outlook.
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