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Bitcoin tries its hand at the $60k resistance but fails again

Photo of: Nathan VDH
by Nathan VDH

Just as it did last weekend, Bitcoin went through a growth phase, heading for its $60,000 ATH. But BTC was unable to break through this resistance, falling back sharply by 5%.

A week after setting a new all-time high above $60,000, BTC recorded a significant rise over the weekend. The first of the cryptocurrencies has thus come close to this mark, but without staying there.

As in previous days, the price of Bitcoin continues to run into the resistance of $60,000. The scenario remained unchanged on March 20 and 21. After this foray, the crypto’s value plunged below $56K.

Nevertheless, BTC retains a total valuation of over $1 trillion. Investors will still have to wait for another episode of the bull-run and a price spike. Pantera Capital nevertheless estimates that Bitcoin could reach a price of $115,000 as early as next August.

For CoinTelegraph, there are several reasons why the crypto-asset may have difficulty overcoming this $60K resistance. The first: the yields on U.S. Treasuries. Their level affects the risk markets, to which Bitcoin is correlated.

So when this yield increases, investors tend to move away from risky assets. US Treasury bonds guarantee them a safe return, so they favor them over other assets.

“The combination of an unfavorable macroeconomic landscape and selling pressure from whales and derivatives traders has likely led to a consolidation of Bitcoin below $60,000” Cointelegraph analyzed.

But the first of the cryptocurrencies is not alone in following such a trend. Indeed, this movement also affects the other cryptos of the Top 20, among which Ethereum. On March 21, Ether was down 4% to under $1800.

The trajectory was identical for investors Cardano, Polkadot and Chainlink, among others. As far as Cardano is concerned, however, the overall trend remains up on a week by about 10%. ADA can look forward to reconnecting with its $1.31 ATH.

To get back on the growth path, the crypto market will certainly need some strong news. Like the green light from authorities to create new Bitcoin ETFs? Anthony Scaramucci’s SkyBridge Capital has filed an application to do just that.