Bitcoin needs to break this resistance to continue rising

Bitcoin (BTC) price surpassed the $ 50,000 resistance for a short time in the early hours of March 3. With the bulls finding momentum, altcoins also started to rally.

According to data from Cointelegraph Markets and TradingView, the Bitcoin price surged from $ 48,500 to $ 52,631 on March 3, up 8.6 percent on the day. Bitcoin, which is traded at around $ 49,290 as of the time of translation release, must close the day at the 23.6 percent Fibonacci retracement level ($ 52,000) to be certain that it is starting to rise again.

Bitcoin Price Index: How much is 1 Bitcoin in TL? (BTC TL)

4-hour chart of the BTC / USDT pair. Source: TradingView

CryptoQuant’s on-chain analysis reveals that Bitcoin whales are constantly buying at bottom prices below $ 50,000. CryptoQuant CEO Ki Young Ju said institutional investors also made purchases at $ 48,000 and this level is supportive.

Increasing returns suppress traditional markets

Current macroeconomic factors often point to a decline in global markets, and this may delay the bitcoin price increase in the short term.

The S&P 500, Dow and NASDAQ also faced selling pressure, closing the day down 1.31 percent, 0.39 percent and 2.7 percent, respectively. The increase in the yield of 10-year US government bonds also raises concerns about the health of the US and global markets.

Chad Steinglass, Head of Trading, CrossTower, said the market movements seen on Wednesday were “currency-based sales,” with technology companies’ stocks and ARK funds increasingly pressured.

Steinglass argues that the volatility BTC experienced during the US session was due to GBTC, whose discount rose to 4.5 percent again. Still, Steinglass said that the positive statements of Citigroup and Fidelity are statements that will strengthen the corporate penetration rhetoric.

Steinglass stated:

Bitcoin’s strength even as GBTC acts as resistance is extremely encouraging and shows that the prevalence is increasing.

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