Bitcoin price fell below $ 55K

Bitcoin (BTC) fell below $ 55,000 on March 17, as US government bond yields started to rise again.

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

BTC price consolidates

According to data from Cointelegraph Markets Pro and Tradingview, BTC / USD continued to face downward pressure on Wednesday and continued the downtrend that started on Sunday night.

As the largest cryptocurrency weakened, the yields of US government bonds, which were inversely correlated with BTC performance, also rose. On-chain data shows that cryptocurrency is generally strong. Zeroing the funding rates in the derivatives market supports the upward expectation.

Yield on BTC / USD (blue) and 10-year US government bonds (orange). Source: Tradingview

“People are increasingly interested in buying Bitcoin as a hedge against central bank behavior and infinite money-printing, while at the same time, supply is rapidly exiting the market.”

Stating that Bitcoin will continue to rise in the foreseeable future, investor Scott Melker said, “People are increasingly interested in buying Bitcoin as protection against central banks’ policies and coinage activities. The supply in the market is gradually decreasing.”

BTC / USD is traded just under $ 55,000 as of the time of translation broadcast.

Popular Twitter account Rekt Capital says, “If BTC loses $ 55K, we’ll see more declines” he suggested.

BTC / USD buy and sell request (Binance). Source: Material Indicators

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