Bitcoin Struggles to Break $60k as Its Market Dominance Falls to Seven-Month Lows

4 April 2021 | Updated: 4 April 2021

Last week came with an immense bullish momentum for Bitcoin (BTC) and the entire cryptocurrency market, which came just a few points from hitting the $2trillion valuation mark. The bull market also saw Ethereum (ETH) and Binance Coin (BNB) break new record highs, while Bitcoin struggled with the $60k region.

At press time, Bitcoin is trading down at $57,600 after seeing a sharp correction to the $56,700 area yesterday. Nonetheless, the benchmark cryptocurrency reportedly recorded its best Q1 ever, with a 100% gain.

That said, altcoins appear to be having a better time and have forced Bitcoin’s market dominance down to about 57%, a seven-month low. Ethereum set a new record high at $2,145 yesterday but has corrected mildly to the $2,050 area at press time. Likewise, BNB surged to a new record high at $356.9 on Friday.

In other news, BlackRock, the world’s largest asset manager, revealed that it recently acquired exposure to Bitcoin through CME futures contracts.

Meanwhile, a JP Morgan Chase & Co. research revealed that large banking organizations and institutional investors could bolster demand for the primary cryptocurrency soon. The JPM research argued that the recent slump in volatility in BTC could trigger an institutional investor influx.

Key BTC Levels to Watch — April 4
Following an extended period of consolidation below the $60k price point, Bitcoin bulls finally gave in and allowed a pullback to the $56,700 support level. That said, the price saw a healthy rebound off the $56,700 support and is now trading around the $57,500 area.

BTCUSD – Hourly Chart

We expect a bullish continuation into the $58k – $60k pivot zone in the coming hours. This bullish bias is adequately supported by our hourly MACD indicator, which shows that Bitcoin is on the cusp of recovery from oversold conditions.

However, failure to break back into the pivot zone could trigger another decline to the $56,700 crucial support where more dip-buyers would likely come in.

Meanwhile, our resistance levels are at $58,000, $59,000, and $60,000, and our key support levels are at $56,700, $55,000, and $54,000.

Total Market Capitalization: $1.92 trillion

Bitcoin Market Capitalization: $1.80 trillion

Bitcoin Dominance: 56.6%

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.