Bitcoin Suffers Sharp Decline from $60k as Bears Dominate the Market

Bitcoin Suffers Sharp Decline from $60k as Bears Dominate the Market

Bitcoin (BTC) has had an erratic trading session over the past 24 hours, as bulls and bears battle for dominance. At the moment, bears appear to be in control following the sharp 6% correction that befell Bitcoin recently.

Bulls began the week on a steady footing following several favorable fundamental factors that sparked optimism among investors. Some of these factors were the arrival of the first stimulus checks in American homes and the announcement by global firm Meitu that it was investing $50 million in Bitcoin and Ethereum (ETH), which incited some nostalgic memories of the MicroStrategy and Tesla period.

That said, the $60k resistance could be a tough nut for Bitcoin to crack, given that investors are usually driven to action around psychological levels whenever Bitcoin is in new price discovery mode. Nonetheless, BTC has recovered half-way from its recent fall and trades at $58,286 at press time.

Meanwhile, the recent correction in Bitcoin dragged the rest of the cryptocurrency market with it, causing the market value to drop by more than $40 billion. The top ten altcoins—based on market capitalization—were in the red, except for XRP. Investors are currently avoiding Ripple amid the palpable uncertainty hanging over the asset amid its legal battle with the SEC.

This week’s biggest loser was Cardano (ADA), as it fell by more than 12% following frenzied profit-taking by investors.

BTCUSD – Hourly Chart

Key BTC Levels to Watch — March 19
Following a healthy rebound from the $56,700 crucial support, Bitcoin is now locked in a battle with the $58k round figure. We expect the price to clear this level in the coming hours and make another attempt at the $60k psychological resistance. That said, failure to clear this level over the coming hours could trigger exhaustion in bulls and cause a fall to the $56,700 support.

Meanwhile, our resistance levels are at $56,700, $58,000, and $59,000, and our key support levels are at $55,000, $54,000, and $52,500.

Total Market Capitalization: $1.79 trillion

Bitcoin Market Capitalization: $1.09 trillion

Bitcoin Dominance: 60.8%

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.