The bulls of Bitcoin continue to face strong resistance at the $60k level although the price at the time of writing is once again showing strong signs of recovery. On March 19th American investors would have woken up to see that Bitcoin dipped a little and was trading at around $56k. A day of steady progression though means that the coin is now trading at $59k.
Some traders through social media were voicing their concern that Bitcoin was failing to break through this resistance but the fact that we are knocking on the door of $60k again could be seen as a bullish signal supposed to a harsh rejection.
Bulls Seeking To Make $60k The Next Level Of Support
Chad Steinglass, head of trading at crypto capital markets firm CrossTower has said that Bitcoin has faced resistance at every round number and what we are seeing now isn’t unusual. He believes that once we pass this level again, $60k will become the new level of support.
“it will take a bit of chipping away to break through $60,000 with any kind of authority,” but the recent strength displayed by Bitcoin “in the face of stiff macro headwinds” indicates no reason for the bullish momentum to stop.”
Steinglass also believes that we are unlikely to go below $57k again unless there is some unexpected news that will have a significant impact on the crypto market. Multiple Altcoins have experienced huge gains throughout the week with many believing that we are on the brink of Bitcoin dominance declining.