Bitcoin price focused on $ 55k

Bitcoin (BTC) is forcing levels remaining 10 percent to an all-time high on March 10. The strength of the dollar did not affect the upward trend of crypto money.

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

The next resistance is $ 56k

According to Cointelegraph Markets and Tradingview data, BTC / USD passed $ 55,000 after a slight correction during night hours.

Bitcoin, which saw the highest level of the last two weeks at $ 54,500 last day, accelerated the rise and hit the resistance and started to decline after reaching $ 55,700.

Cointelegraph Markets analyst Michaël van de Poppe said that a rejection of $ 56,000 is perfectly normal and said everything is fine.

“If we hold on to $ 52,000, we can stay in a certain range for a while and retest $ 56,000. Again, holding on to $ 52,000 is critical to prevent the decline.”

Binance’in order book datashows that sellers lined up at $ 56k and above, with strong support below $ 49k.

BTC / USD support and resistance levels (Binance). Source: Material Indicators / Twitter

DXY’s strength did not affect Bitcoin

On the other hand, the month of March witnessed an interesting trend change for Bitcoin investors. The dollar has evolved from an asset that is inversely correlated with BTC to an asset that correlates.

The US Dollar Index (DXY) often puts downward pressure on Bitcoin when it gets stronger. Although this phenomenon is seen throughout 2020, it is slowly losing its validity.

Over the past two weeks, both DXY and BTC / USD have been on the rise together.

BTC / USD and DXY, 4-hour chart. Source: Tradingview

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