Bitcoin price focuses on $55K as bulls ignore a surging US dollar

Bitcoin (BTC) called up to levels within 10% of its all-time highs of March 10, when U.S. dollar strength failed to dampen its upward trend.

Register now on Binance, add 50$ and get 100$ bonus voucher!

1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop

Resistance$56,000 is the next target for BTC.

Data from Cointelegraph Markets and TradingView followed the comeback after an overnight correction in BTC/USD on the 10th. In March, the couple is aiming for $55,000.

After hitting a two-week high of $54,500 a day earlier, bitcoin rose to $55,700 before hitting a strong band of resistance and trading lower.

This recent rebound highlights the renewed strength of the largest cryptocurrency this month, which continues to bring it within reach of its all-time high of $58,300.

A nice refrain from the $56,000 range for #Bitcoin here. So far, so good, commented Michel van de Poppe, an analyst at Cointelegraph Markets, on Twitter about the past 24 hours of action.

If the $52,000 zone holds, we will see another sideways move and a retest of $56,000. But again, the $52,000 level must be maintained to prevent further decline.

At the time of writing, there were few signs that a retest of the $52,000 limit was imminent, while the Hodlers celebrated the entry of even more institutional investors into the bitcoin race. This time, U.S. Housing Guaranty has partnered with Gemini Exchange to invest.

And another company has decided to add bitcoin to its balance sheet, according to Gemini co-founder Tyler Winklevoss.

Order book data from Binance, the largest exchange by volume, shows sellers lining up at $56,000 and higher, while solid support exists below $49,000.

BTC/USD Support and Resistance Levels (Finance). Source: Direction indicator/material switch

Register now on Binance, add 50$ and get 100$ bonus voucher!

DXY rise saves fresh bitcoin minus

Elsewhere, March continued to offer an interesting counter trend for bitcoin traders, with the US dollar changing from an inversely correlated asset to a correlated asset.

As Cointelegraph often reports, the US dollar index (DXY) tends to cause downward pressure on bitcoin when it rises rapidly, and the reverse is also true. While this was a key feature of the market in 2020, the strength of this phenomenon is starting to wane this year.

Both DXY and BTC/USD have risen in tandem over the past two weeks.

4 hour chart BTC/USD vs DXY. Source: TradingView

Related Tags:

1 bitcoin to usd,bit coin price,bitcoin stock price,how much are bitcoins worth,Privacy settings,How Search works

Register now on Binance, add 50$ and get 100$ bonus voucher!

Recent Articles

Here’s Why Housing Market Crash is Coming

With crypto adoption on the rise and a major crash in housing market, it is no surprise that your average person wants to invest. The...

How Government Sets Home Rental Price

A rent control is a government-established limit on the amount that can be charged for renting or leasing property to tenants. The “how much does...

KCAL Airdrop: Grab Free FAT Point To Earn Step.App KCAL Token

One of the first blockchain-powered games, KCAL Step.App is an engaging and competitive social media platform that rewards users with free KCAL Tokens for...

DeFi transforming lending routes on the blockchain

The growth of decentralized finance and FinTech has led to a number of innovations. One such innovation is the ability for borrowers to access...

6 High-Risk, Low-Cap Cryptocurrencies That I Bought During the Crash

After the crypto-market crashed, I was able to buy some of these coins at low prices. There is still time to sell them if...

Related Stories