Bitcoin (BTC) price once again faced strong resistance at the $ 60,000 level on March 19. Still, the bulls managed to push up the BTC price, which dropped below $ 56,500 at night.
Major Bitcoin price indicators seem to be expecting more and more bullish trends, as evidenced by the rise in leveraged long positions despite the hurdle to overcome $ 60,000.
Bulls want to turn $ 60,000 from resistance into support
Chad Steinglass of crypto capital markets firm CrossTower recently spoke about the pressure Bitcoin faced at the $ 60,000 level. He stated that the top cryptocurrency faced “some resistance with every rise”. He suggested that if the resistance level is exceeded, it will turn into support.
According to Steinglass, “It will take some time to break $ 60,000,” but Bitcoin’s strong stance against “strong macrowinds” points to the continuation of the bullish momentum.
Steinglass argued that $ 57,000 to $ 58,000 was a strong support as long as there were no unexpected macro events.
There is confusion in traditional markets
Stock markets like the S&P 500 and Dow Jones failed to cope with the pressures and closed the day down 0.06 percent and 0.71 percent respectively, while the NASDAQ showed strength and managed to close the day with a 0.76 percent increase.
On Friday, there were signs that the overall uptrend for the cryptocurrency market remained intact. Because more than one altcoin made double-digit gains.
Uniswap (UNI) was among the top 10 performing coins and rose 11.5 percent to $ 33.5, while Pundi X (NPXS) increased its price by 50 percent, peaking at $ 0.0055 intraday.
The largest altcoin, Ether (ETH), continues to struggle with resistance above $ 1,800 in the shadow of the expectation that the $ 1.15 billion ETH option will end on March 26.
The total value of the cryptocurrency market is currently at $ 1.803 trillion and Bitcoin’s dominance rate is calculated at 60.5 percent.
The opinions and comments expressed here belong only to the author. It may not reflect Cointelegraph’s views. Every investment and trading transaction involves risk. When making your decision, you should do your own research.