Friday, March 5, 2021

Bulls buy the dip again after Bitcoin price rejects at a key resistance level

For the second day in a row, Bitcoin bulls have attacked the $19,500 degree in an try and flip the essential degree from resistance to help. 

Every try to beat the resistance is has been rejected close to $19,550 however Bitcoin’s swift restoration from the Dec. 14 drop to $19,050 exhibits that buyers stay excited by shopping for each vital dip.

Crypto market day by day worth chart. Supply: Coin360

For the time being, the final consensus amongst merchants is that flipping $19,500 to help will open the door to a brand new all-time excessive at or above $20,000. In response to Cointelegraph contributor Micheal van de Poppe:

“If we get the breakout above the resistance and we print a brand new ATH, it is extra essential to see the $19,400-19,500 space grow to be help fairly than hitting that ATH.”

Van de Poppe additional defined that the present bearish convergence on the day by day timeframe is just not confirmed and he pressured the if Bitcoin worth fails to reclaim $19,500 as robust help the possible end result is that the worth will drop to $18,500 the place merchants will search for a greater entry.

BTC/USDT day by day chart. Supply: TradingView

At the same time as Bitcoin struggles to carry onto $19,500, the day by day chart exhibits the worth persevering with to make day by day increased lows. Since recovering from the Dec. 11 drop to $17,586. BTC has additionally made day by day increased highs which is an extra sign that the digital asset is in a robust uptrend.

Bitcoin day by day worth chart. Supply: Coin360

Whereas Bitcoin worth makes an attempt to commerce in a brand new vary, a handful of altcoins pushed increased with double-digit rallies.

Elrond worth surged 28% in the course of the day and is at present up 115% up to now two weeks. SushiSwap’s governance token, Sushi, additionally rallied 9.84% to $2.80 and is up 44% over the previous 4 days.

Bancor was essentially the most notable gainer of the day because it secured a 34.5% rally to $1.70 on the information of the Coinbase Professional itemizing that came about at the moment.

In response to CoinMarketCap, the general cryptocurrency market cap now stands at $566.6 billion and Bitcoin’s dominance fee is 63.6%.